APPRAISAL SHORTFALL definition

APPRAISAL SHORTFALL means the amount, if any, by which $4,640,000 exceeds 75% of the sum of (a) the value of the Real Estate, as determined by the real estate evaluations delivered to the Bank pursuant to Section 7.01(e)(2) of this Agreement, and (b) 50% of the book value of the Equipment (as defined in the Security Agreement) net of depreciation as at September 1, 2001.
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Examples of APPRAISAL SHORTFALL in a sentence

  • Based on evaluation of the Real Property Appraisal Report, the Administrative Agent shall determine whether a Real Property Appraisal Shortfall exists, and shall so notify the Borrower in writing (a "REAL PROPERTY APPRAISAL SHORTFALL NOTICE").

  • Upon receipt of the Equipment Appraisal Shortfall Notice, the Borrower shall be required to prepay the principal of the Equipment Term Loan in an amount equal to the applicable Equipment Appraisal Shortfall (an "EQUIPMENT APPRAISAL SHORTFALL PREPAYMENT") within five (5) Business Days after delivery to the Borrower of the Equipment Appraisal Shortfall Notice.

  • Based on evaluation of the Equipment Appraisal Report, the Administrative Agent shall determine whether an Equipment Appraisal Shortfall exists, and shall so notify the Borrower in writing (an "EQUIPMENT APPRAISAL SHORTFALL NOTICE").

  • If a Real Property Appraisal Shortfall exists, the Borrower shall be required to prepay the principal of the Real Property Term Loan in an amount equal to the applicable Real Property Appraisal Shortfall (less any applicable Sale Proceeds Credit, if any) (a "REAL PROPERTY APPRAISAL SHORTFALL PREPAYMENT").