Estimated Current Value definition
Estimated Current Value of real estate assets shall mean the fair market value of such real estate as determined by yearly appraisals certified by independent appraisers. Until the first appraisals are made (as the end of the first fiscal year of the Company), the Estimated Current Value shall equal the cost of the Company's properties, including the acquisition fees and acquisition expenses. The Estimated Current Value of the assets of the Company other than real estate shall be their fair market value as determined by industry standards.
Estimated Current Value means the value of the real estate assets of Holdings or any wholly-owned subsidiary of Holdings as set forth on Schedule G hereto; and “Holding Notes Debt” means the principal amount outstanding under the Holdings Notes as at any given time of determination. For the avoidance of doubt, the assets included for computation of the Holdings Notes Coverage Ratio shall be separate from the assets included for computation of Borrowing Base Availability.
Examples of Estimated Current Value in a sentence
The monthly base fee shall be based on the daily average of the Estimated Current Value of the assets during the month for which the fee is payable and shall be payable in arrears on the last day of each month.
Holdings shall maintain, as at the end of each fiscal quarter, a ratio of Estimated Current Value to Holdings Notes Debt that is greater than or equal to 2.00:1.