Approved Value definition

Approved Value means the cost under the works contract approved by Council under clause 3, excluding any variations.

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Approved Value means with respect to each Specified Asset Disposition an amount equal to at least 90% of the value of the property that is the subject of such Specified Asset Disposition as established by an appraisal (based on a scope of work provided by the Administrative Agent) of such property completed by the Advisor no earlier than 120 days prior to the consummation of such Specified Asset Disposition.

Approved Value as used in this Agreement shall mean, with respect to any of the Properties, either (y) the "as is" appraised value of any such Property, as set forth in the appraisal prepared in connection with its inclusion in the collateral pool for the Credit Facility, if the fair market value of such Property, as set forth in such appraisal, is approved without adjustment by Co-Lenders or (z) the adjusted appraised value of such Property, if the fair market value of such Property, as set forth in such appraisal, is approved with adjustment in value by Co-Lenders.

Examples of Approved Value in a sentence

• If, prior to closing, DSL determines that the Initial Purchase Price exceeds the DSL Approved Value of the Property, the Initial Purchase Price will be reduced to the DSL Approved Value of the Property (herein the "Final Adjusted Purchase Price").

• The determination of the DSL Approved Value and the Final Adjusted Purchase Price can only be made after the completion and DSL's approval of the survey required in paragraph 6.

• The Initial Purchase Price is subject to adjustment in accordance with paragraph 3.B. This Agreement is contingent upon approval of the Final Adjusted Purchase Price, hereinafter defined, by Buyer and upon confirmation that the Final Adjusted Purchase Price is not in excess of the maximum value of the Property as determined in accordance with Section 253.025(8), Florida Statutes ("DSL Approved Value").

• The Initial Purchase Price is subject to adjustment in accordance with paragraph 3.B. This Agreement is contingent upon approval of the Final Adjusted Purchase Price, hereinafter defined, by Buyer and upon confirmation that the Final Adjusted Purchase Price is not in excess of the maximum value of the Easement as determined in accordance with Section 253.025, Florida Statutes ("DSL Approved Value").

• If, prior to closing, DSL determines that the Initial Purchase Price exceeds the DSL Approved Value of the Easement, the Initial Purchase Price will be reduced to the DSL Approved Value of the Easement (herein the “Final Adjusted Purchase Price”).

• The Initial Purchase Price is subject to adjustment in accordance with paragraph 3.B. This Option Agreement is contingent upon approval of the Final Adjusted Purchase Price, hereinafter defined, by Buyer and upon confirmation that the Final Adjusted Purchase Price is not in excess of the maximum value of the Property as determined in accordance with Section 253.025(8), Florida Statutes ("DSL Approved Value").

• The determination of the DSL Approved Value and the Final Adjusted Purchase Price can only be made after the completion and DSL's approval of the survey required in paragraph 5.

• 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 determination of the DSL Approved Value and the Final Adjusted Purchase Price can only be made after the completion and DSL's approval of the survey as provided in paragraph 6.

• Upon DSL's approval of the final survey as provided by paragraph 6., the DSL shall, if necessary, return to the DSL contract appraisers for a final determination of the DSL Approved Value of the Property.

More Definitions of Approved Value

Approved Value. The term "Approved Value" as used in this Agreement shall have the meaning given to such term in paragraph 13 of the main body of this Agreement.

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

Approved Value means as of any date the sum of the values most recently approved by the Agent with respect to each of the parcels of real estate owned by the Borrower and subject to Mortgages (or mortgages in substantially the same form) as set forth on SCHEDULE 1.1-D. As of the Closing Date, the aggregate of the Approved Values of real estate subject to Collateral Documents acceptable to the Agent is $8,000,000.00. Subsequent to the first anniversary of the Closing Date, but no more frequently than once in any twelve month period, the Borrower may request that the Agent appraise specified parcels at the Borrower's expense, including new parcels which the Borrower wishes to add as Collateral. If the new appraisal results in a value for a particular parcel that the Agent considers reasonable and acceptable, the Approved Value will be set or reset at such appraised amount.

Approved Value means, as to each Project in the Collateral Pool, an amount equal to the "as vacant" value of such Project, as established by Administrative Agent, as reasonably determined on the basis of the most current Appraisal therefor, which value may not necessarily be the same as that set forth in the Appraisal.

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 Requirement.