Facility Available Amount definition
Facility Available Amount means, at any date of determination, the maximum principal amount available under the Facilities, equal to the aggregate of all Revolving Credit Commitments (as such amounts may be increased pursuant to Section 2.17) and Term Loan Commitments.
Facility Available Amount. At any time of determination with respect to any Loans or extensions of credit, the maximum principal amount which would not cause (a) the Outstanding Revolving Credit Loans, Outstanding Swing Loans and Letter of Credit Liabilities to exceed the applicable Commitments at such time or (b) the Loan Parties to fail to be in compliance with the Unencumbered Asset Financial Covenants on a Pro Forma Basis immediately after giving effect to the applicable Loans or extensions of credit.
Facility Available Amount means, at any date of determination, the maximum total amount available under the Facilities, which shall at all times be the lesser of (a) the aggregate of all Revolving Credit Commitments and Term Loan Commitments (as such amounts may be increased pursuant to Section 2.17) and (b) the sum of (i) the lesser of (x) the portion of the Borrowing Base Value attributable to all Hotel Assets that are Borrowing Base Assets and (y) an amount that would result in a Borrowing Base Debt Service Coverage Ratio equal to 1.50 to 1.00 plus (ii) the portion of the Borrowing Base Value attributable to all Recently Developed Assets and Recently Redeveloped Assets that are Borrowing Base Assets; provided, however, that the portion of the Facility Available Amount attributable to Recently Developed Assets and Recently Redeveloped Assets shall not exceed 10% of the Facility Available Amount, and if the portion of the Facility Available Amount attributable to Recently Developed Assets and Recently Redeveloped Assets would at any time exceed 10% of the Facility Available Amount, the Facility Available Amount at such time shall be deemed to be reduced to the extent necessary to eliminate such excess.
Examples of Facility Available Amount in a sentence
Attached hereto are a Compliance Certificate (Schedule I) and an Availability Certificate (Schedule II) setting forth a calculation of the Facility Available Amount after giving effect to the Revolving Credit Loan requested hereby.
More Definitions of Facility Available Amount
Facility Available Amount means, at any date of determination, the maximum total amount available under the Facility, which shall at all times be the least of (i) the total Revolving Credit Commitments on such date, (ii) the Total Borrowing Base Value, (iii) an amount that would result in a Borrowing Base Debt Service Coverage Ratio equal to 1.50 to 1.00 and (iv) the aggregate amount of title insurance under the then-existing Mortgage Policies with respect to the then-existing Borrowing Base Assets.
Facility Available Amount means, at any date of determination, the maximum total amount available under the Facility, which shall at all times be the lesser of (a) the aggregate of all Commitments and (b) the sum of (i) the lesser of (x) the portion of the Borrowing Base Value attributable to all Hotel Assets that are Borrowing Base Assets and (y) an amount that would result in a Borrowing Base Debt Service Coverage Ratio equal to 1.50 to 1.00 plus (ii) the portion of the Borrowing Base Value attributable to all Recently Developed Assets and Recently Redeveloped Assets that are Borrowing Base Assets; provided, however, that the portion of the Facility Available Amount attributable to Recently Developed Assets and Recently Redeveloped Assets shall not exceed 10% of the Facility Available Amount, and if the portion of the Facility Available Amount attributable to Recently Developed Assets and Recently Redeveloped Assets would at any time exceed 10% of the Facility Available Amount, the Facility Available Amount at such time shall be deemed to be reduced to the extent necessary to eliminate such excess.
Facility Available Amount means, at any date of determination, the maximum total amount available under the Facilities, which shall at all times be the lesser of (a) the aggregate of all Revolving Credit Commitments and Term Loan Commitments (as such amounts may be increased pursuant to Section 2.17) and (b) the sum of (i) the lesser of (x) the Total Borrowing Base Value as of such date and (y) the amount that would result in a Borrowing Base Debt Service Coverage Ratio equal to 1.50:1.00 plus (ii) the sum of the amounts calculated by reference to each individual Development Asset that is a Borrowing Base Asset which amount is equal to 50% of the lesser of (1) the book value of such Development Asset as determined in accordance with GAAP (but excluding any deduction for accumulated depreciation on such Development Asset) and (2) the Appraised Value of such Development Asset; provided, however, that (I) the portion of the Facility Available Amount attributable to Development Assets pursuant to clause (ii) above shall not exceed 15% of the total Facility Available Amount (and if the portion of the Facility Available Amount attributable to Development Assets would at any time exceed 15% of the total Facility Available Amount, then the Facility Available Amount at such time shall be deemed to be reduced to the extent necessary to eliminate such excess), (II) development costs incurred and included in the book value of any such Development Asset may not exceed 110% of the development cost budget for such Development Asset (and if the development costs would at any time exceed 110% of the total development cost budget for such Development Asset, then the Facility Available Amount at such time shall be deemed to be reduced to the extent necessary to eliminate such excess) and (III) in the event a Development Asset remains a Borrowing Base Asset as a Development Asset (and not as a Campus Housing Asset) for more than 18 months, then commencing on and after the date on which such Development Asset has been a Borrowing Base Asset for 18 months, the portion of the Facility Available Amount attributable to such Development Asset shall be zero (unless it has qualified as a Borrowing Base Asset that is a Campus Housing Asset).
Facility Available Amount has the meaning specified for such term in the Letter Agreement; provided, however, that if an Event of Default has occurred and is continuing, the Facility Available Amount shall be zero.
Facility Available Amount means, at any date of determination, the maximum total amount available under the Facilities, which shall at all times be the lesser of (a) the aggregate of all Revolving Credit Commitments and Term Loan Commitments and (b) the least of (x) the sum of (i) the portion of the Borrowing Base Value attributable to all Hotel Assets that are Borrowing Base Assets, plus (ii) the portion of the Borrowing Base Value attributable to all Recently Developed Assets and Recently Redeveloped Assets that are Borrowing Base Assets; provided, however, that if the portion of the Facility Available Amount attributable to Recently Developed Assets and Recently Redeveloped Assets would at any time exceed 10% of the Facility Available Amount, the Facility Available Amount at such time shall be deemed to be reduced to the extent necessary to eliminate such excess, (y) an amount that would result in a Borrowing Base Debt Yield equal to 12% and (z) an amount that would result in a Borrowing Base Leverage Ratio of 55%.
Facility Available Amount has the meaning specified for such term in the Letter Agreement; provided, however, that if an Event of Default has occurred and is continuing, the Facility Available Amount shall be zero.