Maximum Loan Availability definition
Maximum Loan Availability means, at any time, the lesser of (a) the Collateral Pool Availability and (b) the aggregate amount of the Commitments at such time.
Maximum Loan Availability means, at any time, the lesser of (a) $100,000,000.00, (b) the Borrowing Base, and (c) the amount, if any, by which (i) the Borrowing Base exceeds (ii) the aggregate outstanding principal amount of the Loans and the Letter of Credit Liabilities.
Maximum Loan Availability means, at any time, the least of (a) the aggregate of the Commitments of all the Lenders, as reduced or increased from time to time pursuant to the terms hereof, (b) the Borrowing Base, and (c) until the Borrower shall have first complied with Section 4.3 in all respects following a Trigger Event, the amount, if any, by which (i) the Borrowing Base exceeds (ii) Other Unsecured Indebtedness unless such Other Unsecured Indebtedness constitutes Subordinated Debt.
Examples of Maximum Loan Availability in a sentence
If at any time the Outstanding Amount of all Loans, together with the aggregate amount of all Letter of Credit Liabilities, exceeds the Maximum Loan Availability, the Borrower shall within five (5) Business Days of the Borrower obtaining knowledge of the occurrence of any such excess, deliver to the Administrative Agent for prompt distribution to each Lender a written plan to eliminate such excess.
More Definitions of Maximum Loan Availability
Maximum Loan Availability means, at any time, the least of (a) the aggregate of the Commitments of all the Lenders, as reduced or increased from time to time pursuant to the terms hereof, (b) the amount, if any, by which (i) the Borrowing Base exceeds (ii) the sum of (x) Senior Notes Indebtedness, plus (y) Other Unsecured Indebtedness of Borrower and Subsidiary Guarantors unless such Other Unsecured Indebtedness constitutes Subordinated Debt, and (c) the maximum Indebtedness permitted to be incurred under this Agreement pursuant to the terms of any Senior Notes Indebtedness or Senior Notes Indenture.
Maximum Loan Availability means, at any time, the lesser of (a) the aggregate of the Commitments of all the Lenders, as reduced or increased from time to time pursuant to the terms hereof, and (b) the Borrowing Base.
Maximum Loan Availability means, at any time, the lesser of (a) 60% of the Unencumbered Property Value; provided, however, that the Borrower shall have the option, exercisable one time, upon written notice from the Borrower to the Administrative Agent that the Borrower is exercising such option, to elect that such percentage may exceed 60% for a period not to exceed two (2) full fiscal quarters, such period to commence on the date set forth in such notice (such period, the “Availability Surge Period”), so long as (i) the Borrower has delivered a written notice to the Administrative Agent that the Borrower is exercising its option for the Availability Surge Period, (ii) such percentage does not exceed 65% at any time during the Availability Surge Period and (iii) the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect to such Material Acquisition) exceeding 60% at any time during the fiscal quarter in which such Material Acquisition took place, or (b) the aggregate principal balance of Indebtedness (excluding Nonrecourse Indebtedness and Indebtedness to the extent owing among the Parent and/or any of its Subsidiaries but including Secured Recourse Indebtedness and the aggregate principal amount of all Loans) of the Parent and the Ownership share of all such Indebtedness of its Subsidiaries that would cause the ratio of (A) Adjusted NOI of the Unencumbered Properties at such time to (B) Implied Debt Service for such period determined with respect to such principal balance of Indebtedness to equal 1.20 to 1.00. The Borrower shall have the option to exercise both a Leverage Ratio Surge Period and an Availability Surge Period in the same notice.
Maximum Loan Availability means, at any time, the least of (a) the aggregate of the Commitments of all the Lenders, as reduced or increased from time to time pursuant to the terms hereof, (b) the Borrowing Base and (c) the amount, if any, by which the Borrowing Base exceeds the sum of (1) the aggregate principal amount of all outstanding Loans, (2) the aggregate principal amount of all Letter of Credit Liabilities, and (3) all other unsecured indebtedness outstanding of the Borrower and its Subsidiaries other than Subordinated Debt.
Maximum Loan Availability means, at any time, the lesser of (a) the amount, if any, by which (i) the Unencumbered Asset Value exceeds (ii) all Unsecured Indebtedness (other than the Loans, including, for clarity, any Restated Mortgage Notes, and Letter of Credit Liabilities and the Existing Unsecured FelCor Bonds), of the Parent Guarantor and its Subsidiaries on a consolidated basis and (b) the aggregate amount of the Total Credit Exposure of all Lenders at such time.
Maximum Loan Availability means, on the Effective Date and all times prior to the Collateral Release Event (including as a result of the increase pursuant to Section 2.17) an amount equal to the lesser of, (i) 65% of the aggregate as-is Appraised Value of all Secured Pool Properties and (ii) the Debt Service Coverage Amount for the Secured Pool Properties. With respect to a Property owned by a Subsidiary that is not a Wholly Owned Subsidiary, only the Borrower’s Ownership Share of the Appraised Value of such Property or NOI of such Property shall be used when determining Maximum Loan Availability.
Maximum Loan Availability means, at any time, the least of (a) the aggregate of the Commitments of all the Lenders, as reduced or increased from time to time pursuant to the terms hereof, (b) the Borrowing Base, (c) until (i) a Trigger Event has occurred and (ii) the Borrower has complied with Section 4.3 in all respects, the amount, if any, by which (i) the Borrowing Base exceeds (ii) the sum of (x) Senior Notes Indebtedness, plus (y) Other Unsecured Indebtedness unless such Other Unsecured Indebtedness constitutes Subordinated Debt, plus (z) the Subordinated Convertible Notes at any time the Subordinated Convertible Notes no longer constitute Subordinated Debt, and (d) the maximum Indebtedness permitted to be incurred under this Agreement pursuant to the terms of any Senior Notes Indebtedness or Senior Notes Indenture.