Borrowing Base Asset Value means, as of any date of determination, the sum of (a) (i) the aggregate Adjusted Borrowing Base NOI from Borrowing Base Properties owned for the entire prior quarter divided by (ii) the Capitalization Rate, plus (b) the aggregate acquisition cost of all Borrowing Base Properties owned for a period less than the entire prior quarter; provided that (a) the aggregate Borrowing Base Asset Value from Borrowing Base Properties owned pursuant to an Acceptable Ground Lease shall not exceed twenty percent (20%) of the aggregate Borrowing Base Asset Value, and (b) the aggregate Borrowing Base Asset Value from Borrowing Base Properties which are convenience stores shall not exceed five percent (5.0%) of the aggregate Borrowing Base Asset Value.
Borrowing Base Asset Value means, as of any given calculation date, an amount equal to (a) the sum of the Asset Values of all Real Properties which are wholly owned by any of the General SPE, HCI (or Wholly-Owned Subsidiaries thereof), HCI (or Wholly-Owned Subsidiaries thereof) or S&C; less (b) any amounts included in the above calculations that are attributable to (i) assets subject to one or more Liens or Negative Pledges; and (ii) Excluded Assets.
Borrowing Base Asset Value means with respect to any Borrowing Base Property:
Examples of Borrowing Base Asset Value in a sentence
Any increase in the Operating Property Value of a Borrowing Base Property shall become effective as of the next determination of the Unencumbered Borrowing Base Asset Value as provided in this Section.
To the extent such Property is not an Eligible Property, such Property shall only be included as a Borrowing Base Property and included in the calculation of Unencumbered Borrowing Base Asset Value upon the consent of the Requisite Lenders in their sole discretion.
Initially, the Unencumbered Borrowing Base Asset Value shall be the amount set forth as such in the Compliance Certificate delivered under Section 6.1. Thereafter, the Unencumbered Borrowing Base Asset Value shall be the amount set forth as such in the Compliance Certificate delivered from time to time under Article IX.
The Borrowing Base Asset Value Ratio to be less than 1.67 to 1.0.
The Borrower shall not at any time permit the Borrowing Base Pool to include fewer than seven (7) Eligible Properties, and the Borrower shall not permit the Unencumbered Borrowing Base Asset Value to be less than $500,000,000.
More Definitions of Borrowing Base Asset Value
Borrowing Base Asset Value means, as of any date of determination (without duplication),
Borrowing Base Asset Value means, at any time, (a) an amount equal to (i) Borrowing Base NOI from all Borrowing Base Properties (other than Non-Stabilized Properties) that have been owned by a Loan Party for four full fiscal quarter periods or longer (which amount for each individual Borrowing Base Property as well as the aggregate amount for all Borrowing Base Properties shall not be less than zero) divided by (ii) the Capitalization Rate, plus (b) the aggregate acquisition cost of all Borrowing Base Properties that have been owned by the Loan Parties for less than four full fiscal quarters, plus (c) the undepreciated book value of Borrowing Base Properties that are Non-Stabilized Properties.
Borrowing Base Asset Value means, as of any date of determination and with respect to any Borrowing Base Asset, the following: (a) with respect to each Borrowing Base Asset that is a New Property, an amount equal to the lesser of (i) the acquisition price for such Borrowing Base Asset paid by the Parent or any of its Consolidated Subsidiaries to a non-affiliate and (ii) the appraised “as is” value of such Borrowing Base Asset as reflected in a Current Appraisal; and (b) with respect to each Borrowing Base Asset that is a Seasoned Property, the appraised “as is” value of such Borrowing Base Asset as reflected in a Current Appraisal. Notwithstanding the foregoing or anything to the contrary contained elsewhere, the Borrowing Base Asset Value with respect to each Initial Borrowing Base Asset for the period from the Closing Date through and including its Borrowing Base Value Date shall be an amount equal to the acquisition priceundepreciated book value for such Initial Borrowing Base Asset paid by the Parent or any of its Consolidated Subsidiaries to a non-affiliate(after any impairments). For the avoidance of doubt, the Borrowing Base Asset Value of any Asset that is not, or at any time ceases to be, an Eligible Asset, is zero.
Borrowing Base Asset Value means, as of any date of determination and with respect to any Borrowing Base Asset, the following: (a) with respect to each Borrowing Base Asset that is a New Property, an amount equal to the lesser of (i) the acquisition price for such Borrowing Base Asset paid by the Parent or any of its Consolidated Subsidiaries to a non-affiliate and (ii) the appraised “as is” value of such Borrowing Base Asset as reflected in a Current Appraisal; and (b) with respect to each Borrowing Base Asset that is a Seasoned Property, the appraised “as is” value of such Borrowing Base Asset as reflected in a Current Appraisal. Notwithstanding the foregoing or anything to the contrary contained elsewhere, the Borrowing Base Asset Value with respect to each Initial Borrowing Base Asset for the period from the Closing Date through and including its Borrowing Base Value Date shall be an amount equal to the undepreciated book value for such Initial Borrowing Base Asset (after any impairments). For the avoidance of doubt, the Borrowing Base Asset Value of any Asset that is not, or at any time ceases to be, an Eligible Asset, is zero.
Borrowing Base Asset Value means, at any date of determination, for any Eligible Real Estate Asset, the lesser of (a) the Appraised Value of such Eligible Real Estate Asset, and (b) the Adjusted Net Operating Income of such Eligible Real Estate Asset divided by the Applicable Capitalization Rate.
Borrowing Base Asset Value means, as of any given calculation date for the most recent Calculation Period, an amount equal to (a) BBA EBITDA for such Calculation Period; divided by (b) the Capitalization Rate.
Borrowing Base Asset Value means, as of any date of determination, the sum of (a) (i) the aggregate Adjusted Borrowing Base NOI from Borrowing Base Properties owned for the entire fiscal quarter most recently ended on or prior to such date of determination divided by (ii) the Capitalization Rate, plus (b) the aggregate acquisition cost of all Borrowing Base Properties owned as of the last day of the fiscal quarter most recently ended on or prior to such date of determination for a period less than such fiscal quarter; provided that (a) the aggregate Borrowing Base Asset Value from Borrowing Base Properties owned pursuant to an Acceptable Ground Lease shall not exceed twenty percent (20%) of the aggregate Borrowing Base Asset Value, and (b) the aggregate Borrowing Base Asset Value from Borrowing Base Properties which are convenience stores shall not exceed five percent (5.0%) of the aggregate Borrowing Base Asset Value.