Mortgage Component Amount definition

Mortgage Component Amount means an amount equal to the lesser of: (a) $20,000,000, or (b) 80% of the aggregate appraised value of the Oxford Property, the Fox Street Property and the Hunting Park Property as of the Conversion Date based upon the appraisals delivered to Agent pursuant to Section 4.01(k), provided that: (a) to the extent that any of such properties have been sold or are no longer subject to the first priority, perfected Lien in favor of Agent, it shall not be included in the above calculation, (b) Borrowers may, at their cost and expense, deliver on or before the Conversion Date to Agent an up-dated appraisal for any of the properties described above, and the appraised value of such property shall be as set forth in such up-dated appraisal so long as the up-dated appraisal has been commissioned by Agent, performed by an appraiser acceptable to Agent, and is otherwise reasonably acceptable to Agent, and (c) all appraised values shall be reduced by the estimated costs of any phase II environmental reports for Mortgaged Properties with potential remediation issues and the estimated costs of any environmental remediation matters as determined by Agent reasonably in good faith.

Examples of Mortgage Component Amount in a sentence

• The Committee has consulted with the profession in Scotland and results are being analysed.

• On the Conversion Date, Agent shall notify the Borrowers’ Representative and the Lenders of the Mortgage Component Amount, the Equipment Component Amount and the IP Component Amount applicable to the Fixed Asset Loans made by each Lender in writing by the delivery of a Fixed Asset Loan Term Out Notice in the form of Exhibit J attached hereto.