Mortgaged Property Value definition
Mortgaged Property Value means, with respect to any Mortgaged Property, the market value of such Mortgaged Property as determined by Buyer in its sole and absolute discretion applied in good faith.
Mortgaged Property Value means, as of any date of its determination, the aggregate present value of the future net income with respect to the Mortgaged Properties as set forth in the applicable Engineering Report, discounted at the stated per annum rate utilized in such report; provided, however, that the Mortgaged Property Value shall not include any Oil and Gas Properties acquired by any Loan Party after the recordation of the Mortgages in the real property records of the jurisdiction where such Oil and Gas Properties are located unless an amendment or supplement to such Mortgages sufficiently describing such after-acquired Oil and Gas Properties has been recorded in such real property records.
Mortgaged Property Value means the total value of all the Mortgaged Property as determined by the Issuer in accordance with the Issuer's articles of association, applicable laws (in particular the Austrian Real Estate Valuation Act, Liegenschaftsbewertungsgesetz), as well as other generally common rules and methods and internal rules for valuation of the Mortgaged Property. The Issuer must, subject to the foregoing, determine the Mortgaged Property Value using the current market price and with special regard to: (a) characteristics of the Mortgaged Property which are sustainable on a permanent or a long-term basis; (b) income achievable by a third party operating the Mortgaged Property with due care; (c) rights and encumbrances attached to the Mortgaged Property; and (d) conditions prevailing on the local real property market and anticipated development of that market. The Mortgaged Property Value cannot be higher than the current market price of the Mortgaged Property.
Examples of Mortgaged Property Value in a sentence
The "Mortgaged Property Value" shall mean the fair market value of the Real Property based upon the final appraisals delivered to and accepted by Lender in connection with the Term Loan (the "Original Appraisals"), as such Mortgaged Property Value may hereafter be changed by an update to any or all of the Original Appraisals ordered by and acceptable to Lender.
The "Mortgaged Property Value" shall mean the fair market value of the Mortgaged Property based upon the most recent appraisal obtained from time to time at the Lender's request (at the Lender's expense before the occurrence of an Event of Default and at the Borrower's expense after the occurrence of an Event of Default) and satisfactory to the Lender.
As of the date hereof, the Mortgaged Property Value is $61,300,000.
Thereafter the Borrower shall use commercially reasonable efforts to cause the Mortgaged Property Value and the Covered Property Value to be equal to the sum of the Total Desktop Analysis Value.
The Mortgaged Property Value shall be equal to (i) seventy percent (70%) of the Total Desktop Analysis Value on or before May 2, 2005 and (ii) ninety percent (90%) of the Total Desktop Analysis Value on or before May 31, 2005.
More Definitions of Mortgaged Property Value
Mortgaged Property Value means, as of any date of its determination, the aggregate present value of the future net income with respect to the Mortgaged Properties as set forth in the applicable engineering report, discounted at the stated per annum rate utilized in such report. For the avoidance of doubt, the methodology utilized to calculate the Mortgaged Property Value shall be the same methodology utilized to calculate the Oil and Gas Property Value for all purposes of this Agreement.
Mortgaged Property Value means, with respect to any Mortgaged Property, the market value of such Mortgaged Property as determined by Buyer in its sole and absolute discretion.
Mortgaged Property Value means the sum of the Real Property Asset Value for each of the Mortgaged Properties.
Mortgaged Property Value means, the aggregate fair market value of the Perfected Mortgaged Properties, based on the Appraisal Reports for the Perfected Mortgage Properties.
Mortgaged Property Value with respect to each Mortgaged Property, the amount reflected as the value thereof on Schedule 1.1(A) attached hereto (as such Schedule 1.1(A) may be deemed modified in accordance with Section 6.16 of this Loan Agreement), provided, however, that in the event that, from time to time after the Closing Date, Agent obtains or is provided with a professional written appraisal of the value of any Mortgaged Property which indicates a different value therefor and such appraisal is acceptable to Agent in its sole and absolute, but good faith, discretion (as indicated in a written instrument signed by Agent indicating such acceptance by Agent) then such amount shall be the amount indicated in such acceptable appraisal. Mortgages: collectively, each mortgage or deed of trust executed by Borrower or any Guarantor in favor of Agent pertaining to the Mortgaged Property identified therein, as the same may be amended, modified, supplemented or restated from time to time (each of the Mortgages, individually, is referred to as a "Mortgage").
Mortgaged Property Value means the fair market value of the Mortgaged Property based upon the most recent appraisal obtained from time to time at the Lender's request (at the Lender's expense before the occurrence of an Event of Default and at the Borrower's expense after the occurrence of an Event of Default) and satisfactory to the Lender.
Mortgaged Property Value means, on any date, the sum of the Median Desktop Appraisals for all real property listed in the Desktop Appraisal where such real property is covered by Mortgages that have been duly recorded and in respect of each of which the Collateral Agent has received a legal opinion satisfactory to it in form and substance in its reasonable judgment (provided that a legal opinion substantially in the form of the legal opinions addressing certain real estate matters delivered pursuant to Section 5.01(b) on the Effective Date, with such modifications as are necessary for the relevant jurisdictions, shall be deemed to be satisfactory in form and substance to the Collateral Agent) . In the event that any title insurance commitment obtained for any such real property after the Mortgage covering such property has been recorded contains a legal description of such real property that is different from the legal description set forth in a recorded Mortgage for such property, such real property shall cease to be included in the calculation of Mortgaged Property Value unless and until a new Mortgage or amendment to the applicable recorded Mortgage has been duly recorded reflecting the legal description contained in such title insurance commitment.