BBP Value definition
BBP Value means, as of any date of determination, the sum of the most recently obtained (or determined) Appraised Values of each of the Borrowing Base Properties existing as of such date.
BBP Value means, as of any date of determination, the aggregate sum of the “as-is” appraised value of the assets from time to time qualifying as Borrowing Base Properties pursuant to the most-recently obtained Appraisal related thereto.
BBP Value means, as of any date of determination, the sum of the “as-is” appraised value of the assets from time to time qualifying as Borrowing Base Properties pursuant to the most-recently obtained Appraisal related thereto; provided, however that, as of the date which is 24 months following the Closing Date and continuing until the termination of this Agreement, the following asset concentration restrictions shall apply to the calculation of BBP Value (except to the extent waived by the Administrative Agent and Required Lenders): (a) no less than four (4) Real Properties must, at all times, qualify as Borrowing Base Properties or the BBP Value shall be deemed to be zero ($0.00); (b) the maximum BBP Value allocable to Borrowing Base Property assets located in any one Major MSA shall not exceed 40% of the total BBP Value and the maximum BBP Value allocable to Borrowing Base Property assets located in any one Other MSA shall not exceed 33% of the total BBP Value (provided, that to the extent such limitations are exceeded, the value of such assets shall be removed from the calculation of BBP Value to the extent of such excess) and the Borrowing Base shall include Real Properties located in at least four (4) metropolitan statistical areas; and (c) no more than 20% of the BBP Value shall be allocable to assets which are subject to an Approved Ground Lease (provided, that (i) a hotel shall be excluded from the calculation of this limitation to the extent that (A) such hotel is subject to an Approved Ground Lease entered into in connection with a “bonds for title,” “payment in lieu of taxes” or similar transaction through a local development authority or equivalent governmental issuer, (B) the documentation for such transaction contains the right in favor of the Loan Party that is a party thereto to repurchase the interest in such property owned by such authority or issuer for a price not greater than One Hundred Dollars ($100.00), and (C) the fee simple interest in such property held by such authority or issuer is subordinated to the Mortgage encumbering such property in favor of the Administrative Agent, and (ii) to the extent such limitation is exceeded, the value of such assets shall be removed from the calculation of BBP Value to the extent of such excess); provided, further, that, at no time following the Closing Date shall the BBP Value allocable to Borrowing Base Property assets located in the State of New York that are not subject to a recorded Mortgage as provi...
Examples of BBP Value in a sentence
As such new or updated Appraisals are obtained and approved by the Administrative Agent, such Appraisals shall, immediately upon such approval, be used in the determination of the BBP Value of the applicable Borrowing Base Property.
As such appraisals are obtained and approved by the Administrative Agent, such appraisals shall, immediately upon such approval, be used in the determination of the BBP Value of the applicable Borrowing Base Property.
More Definitions of BBP Value
BBP Value means, as of any date of determination, the most recently obtained (or determined) Appraised Values of each Borrowing Base Property existing as of such date.