Implied Capitalization Value definition

Implied Capitalization Value means for any Person as of any date, the sum (without duplication) of (i) the quotient of (x) the Adjusted EBITDA for such Person during the most recent four fiscal quarters (which Adjusted EBITDA shall exclude any Adjusted EBITDA attributable to all assets of the type described in clause (ii), Assets Under Development, Assets Acquired Not in Service or Rollover Projects, and which Adjusted EBITDA attributable to each Project which was formerly a Rollover Project shall not be less than zero), and (y) the Applicable Cap Rate, plus (ii) the purchase price paid by such Person (less any amounts paid to such Person as a purchase price adjustment, held in escrow, retained as a contingency reserve or in connection with other similar arrangements) for any Property (other than Assets Under Development) acquired by such Person during the immediately preceding period of four consecutive fiscal quarters, plus (iii) an amount equal to the then current book value of each Asset Under Development, plus (iv) the then current book value of Unimproved Land, plus (v) with respect to each Rollover Project, an amount equal to 50% of the then current book value, determined in accordance with GAAP, of such Rollover Project, plus (vi) an amount equal to 100% of unrestricted cash and unrestricted cash equivalents, including any cash on deposit with a qualified intermediary with respect to a deferred tax-free exchange (and specifically excluding any cash or cash equivalents being used to support Defeased Debt), plus (vii) an amount equal to 100% of the then current book value, determined in accordance with GAAP, of all first mortgage receivables on income producing commercial properties. For purposes of determining Implied Capitalization Value, to the extent the amount of Implied Capitalization Value attributable to unconsolidated joint ventures and partnerships and other assets of the type described in clauses (iii), (iv), (v) and (vii) would, in the aggregate, exceed 30% of Implied Capitalization Value, such excess shall be excluded. The Borrower’s Ownership Share of assets held by Investment Affiliates (excluding assets of the type described in the immediately preceding clause (vi)) will be included in Implied Capitalization Value calculations consistent with the above described treatment for wholly owned assets. In the case of a newly formed Investment Affiliate, the Borrower’s Ownership Share of assets held by the Investment Affiliate shall be calculated by multiplying (a) tota...

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Implied Capitalization Value means, with respect to the Borrower for any Fiscal Quarter the sum of (without duplication):

Examples of Implied Capitalization Value in a sentence

The total investment in any one of categories (i), (ii), (iii), (iv) or (v) shall not exceed 10% of Implied Capitalization Value and the total investment in all the foregoing investment categories in the aggregate shall be less than or equal to twenty percent (20%) of Market Value Net Worth.
In addition to the foregoing restrictions, investments in Unimproved Land which is not adjacent to existing improvements and not under active planning for near term development as evidenced to the reasonable satisfaction of Administrative Agent shall not exceed in the aggregate 5% of Implied Capitalization Value, and no single industrial property shall exceed 5% of Implied Capitalization Value.
As of any fiscal quarter end, permit the ratio of (a) Total Construction in Progress Value as of such date to (b) Total Implied Capitalization Value for such fiscal quarter to exceed 0.10 to 1.0.
The total investment in any one of categories (i), (ii), (iii) or (iv) shall not exceed 10% of Implied Capitalization Value, the total investment in category (v) shall not exceed 20% of Implied Capitalization Value, and the total investment in all the foregoing investment categories in the aggregate shall be less than or equal to thirty percent (30%) of Market Value Net Worth.
As of any fiscal quarter end, permit the ratio of (a) Total Funded Debt as of such date to (b) Total Implied Capitalization Value for such fiscal quarter to exceed 0.45 to 1.0.

More Definitions of Implied Capitalization Value

Implied Capitalization Value now appearing in Section 1.1 of the Credit Agreement is amended to delete the reference to “$250,000,000” now appearing therein and to substitute “$400,000,000” therefor.

Implied Capitalization Value means for any Person for any quarter, the sum of (i) the quotient of (x) the Adjusted EBITDA for such Person during such quarter (which Adjusted EBITDA shall be annualized as described in the definition of "Funds From Operations", but shall exclude any Adjusted EBITDA attributable to Preleased Assets Under Development), and (y) the then most recent "Average Residual Cap Rate for National Industrial Markets", as published in the Korpacz Real Estate Investor Survey, plus (ii) an amount equal to fifty percent (50%) of the Book Value (as defined in the definition of "Preleased Assets Under Development") of all Preleased Assets Under Development, provided that in no event shall the aggregate amount added to Implied Capitalization Value pursuant to this clause (ii) exceed $50,000,000. For purposes of computing the Implied Capitalization Value, (A) Adjusted EBITDA may be increased

Implied Capitalization Value means for any Person as of any date, the sum of (i) the quotient of (x) the Adjusted EBITDA for such Person during the most recent four fiscal quarters (which Adjusted EBITDA shall exclude any Adjusted EBITDA attributable to all Assets Under Development or Rollover Projects, and which Adjusted EBITDA attributable to each Project which was formerly a Rollover Project shall not be less than zero), and (y) the Applicable Cap Rate, plus (ii) an amount equal to the then current book value of each Asset Under Development, plus (iii) the then current book value of Unimproved Land, plus (iv) with respect to each Rollover Project, an amount equal to 50% of the then-current book value, determined in accordance with GAAP, of such Rollover Project (provided that the Rollover Projects shall at no time comprise more than 10% of Implied Capitalization Value), plus (v) an amount equal to 100% of unrestricted cash and unrestricted cash equivalents, including any cash on deposit with a qualified intermediary with respect to a deferred tax-free exchange (and specifically excluding any cash or cash equivalents being used to support Defeased Debt), plus (vi) an amount equal to 100% of the then- current book value, determined in accordance with GAAP, of all first mortgage receivables on income producing commercial properties. For purposes of computing the Implied Capitalization Value, (A) Adjusted EBITDA may be increased from quarter to quarter by the amount of net cash flow from new leases of space at the Properties (where such net cash flow has not then been included in EBITDA) which have a minimum term of one year and (B) Properties which either (i) were acquired during the most recent four fiscal quarters and/or (ii) were previously Assets Under Development but which have been completed during such four quarter

Implied Capitalization Value from quarter to quarter by the amount of net cash flow from new leases of space at the Properties approved by Agent (where such net cash flow has not then been included in EBITDA) which have a minimum term of one year, and (B) properties which either (i) were acquired during the quarter and/or (ii) were previously assets under development under GAAP but which have been completed during the quarter and have at least some tenants in possession of the respective leased spaces and conducting business operations therein each will be included in the calculation of Implied Capitalization Value using Pro Forma EBITDA for the quarter, so long as a "new acquisition/opening summary" form is submitted to, and approved by, Agent for each new acquisition or newly-opened property during such quarter. In no event shall the "Residual Cap Rate for Industrial Markets" used to calculate the Implied Capitalization Value be less than 9% or greater than 10.5%."

Implied Capitalization Value means for any Person as of any date, the sum of (i) the quotient of (x) the Adjusted EBITDA for such Person during the most recent four fiscal quarters (which Adjusted EBITDA shall exclude any Adjusted EBITDA attributable to all assets under development or Rollover Projects, and which Adjusted EBITDA attributable to each Project which was formerly a Rollover Project shall not be less than zero), and (y) the Applicable Cap Rate, plus (ii) an amount equal to fifty percent (50%) of the then current book value of each asset under development under GAAP other than 100% Preleased Assets Under Development, plus (iii) an amount equal to one hundred percent (100%) of the then-current book value of each 100% Preleased Asset Under Development, provided that in no event shall the aggregate amount added to Implied Capitalization Value pursuant to clauses (ii) and (iii) exceed ten percent (10%) of the Implied Capitalization Value, plus (iv) with respect to each Rollover Project, an amount equal to the greater of (A) 50% of the then-current book value, determined in accordance with GAAP, of such Rollover Project, and (B) the amount determined by dividing the Property Operating Income for such Rollover Project for the most recent four fiscal quarters by the Applicable Cap Rate (provided that the Rollover Projects shall at no time comprise more than

Implied Capitalization Value. (as set forth in Section 1.1 of the Credit Agreement) is hereby deleted from the Credit Agreement, and the following is hereby substituted in lieu thereof:

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