{"component": "definition", "props": {"groups": [{"snippet_links": [{"key": "date-of-determination", "type": "definition", "offset": [14, 35]}], "samples": [{"hash": "4MsET8t82XV", "uri": "/contracts/4MsET8t82XV#operating-property-value", "label": "Credit Agreement (RLJ Lodging Trust)", "score": 37.1314168378, "published": true}, {"hash": "6OLzhZkTp7R", "uri": "/contracts/6OLzhZkTp7R#operating-property-value", "label": "Credit Agreement (RLJ Lodging Trust)", "score": 35.7460632324, "published": true}, {"hash": "6rvmkyF7q9v", "uri": "/contracts/6rvmkyF7q9v#operating-property-value", "label": "Credit Agreement (Park Hotels & Resorts Inc.)", "score": 33.9171791077, "published": true}], "size": 46, "snippet": "means, at any date of determination,", "hash": "2bf47eff642475a6818bb7372606b78a", "id": 1}, {"snippet_links": [{"key": "date-of-determination", "type": "definition", "offset": [14, 35]}, {"key": "seasoned-property", "type": "definition", "offset": [50, 67]}, {"key": "adjusted-noi", 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For purposes of any determination of Operating Property Value, the following limitations and methodology shall apply: (A) the Adjusted Net Operating Income of any Operating Property owned by a DownREIT Partnership or a Subsidiary of a DownREIT Partnership shall be based on the Borrower\u2019s Interest in the Adjusted Net Operating Income for each such Operating Property for the four fiscal quarters having most recently ended as of such date; (B) in the event more than 15% of the gross base rents payable under all leases for Properties of the Borrower, its Subsidiaries, DownREIT Partnerships and Subsidiaries of DownREIT Partnerships (including the Borrower\u2019s Interest in any Properties) shall be payable by one tenant and its Subsidiaries, then Operating Property Value shall be reduced by the percentage amount of such excess multiplied by the Operating Property Value attributable to the Properties leased or controlled by such tenant and its Subsidiaries; and (C) in the event that the Borrower or a Subsidiary of the Borrower shall not have owned an Operating Property for the entire previous four fiscal quarters, then for the purposes of determining the Operating Property Value with respect to such Operating Property, the Adjusted Net Operating Income for such Operating Property shall be annualized in a manner reasonably satisfactory to the Administrative Agent, provided, however, that to the extent that a New Construction Asset or Redevelopment Asset becomes an Operating Property during the relevant period, the Adjusted Net Operating Income of such Operating Property during such period and the following periods shall be annualized in a manner reasonably satisfactory to the Administrative Agent until such time as such Operating Property has performed as an Operating Property for four (4) full fiscal quarters. \u201cOrganization Documents\u201d (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity.", "hash": "d7b9b1dc1db4d9e5901acacac5640b20", "id": 4}, {"snippet_links": [{"key": "date-of-determination", "type": "definition", "offset": [14, 35]}, {"key": "sum-of", "type": "clause", "offset": [41, 47]}, {"key": "property-noi", "type": "definition", "offset": [66, 78]}, {"key": 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"financial-statements", "type": "definition", "offset": [528, 548]}, {"key": "pursuant-to-section", "type": "clause", "offset": [585, 604]}, {"key": "divided-by", "type": "clause", "offset": [630, 640]}, {"key": "applicable-capitalization-rate", "type": "definition", "offset": [649, 679]}], "samples": [{"hash": "38PFmfbUpq", "uri": "/contracts/38PFmfbUpq#operating-property-value", "label": "Note and Guarantee Agreement (Sunstone Hotel Investors, Inc.)", "score": 32.9014358521, "published": true}, {"hash": "9imQTVA0wOI", "uri": "/contracts/9imQTVA0wOI#operating-property-value", "label": "Note and Guarantee Agreement (Sunstone Hotel Investors, Inc.)", "score": 31.9760437012, "published": true}], "size": 5, "snippet": "means, at any date of determination, (a) for each New Property (until the Seasoned Date), or Development Property (that is not a Seasoned Property), the purchase price of the Property less any amounts paid to the Issuer (or such Subsidiary) as a purchase price adjustment, 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"purchase-price-paid", "type": "clause", "offset": [322, 341]}, {"key": "to-the-borrower", "type": "clause", "offset": [400, 415]}, {"key": "purchase-price-reduction", "type": "clause", "offset": [440, 464]}], "samples": [{"hash": "k0K1cNKa6xx", "uri": "/contracts/k0K1cNKa6xx#operating-property-value", "label": "Credit Agreement (Washington Real Estate Investment Trust)", "score": 21.0, "published": true}, {"hash": "5qsErXjvWus", "uri": "/contracts/5qsErXjvWus#operating-property-value", "label": "Term Loan Agreement (Washington Real Estate Investment Trust)", "score": 21.0, "published": true}, {"hash": "1FeFjMRn1pt", "uri": "/contracts/1FeFjMRn1pt#operating-property-value", "label": "Credit Agreement (Washington Real Estate Investment Trust)", "score": 21.0, "published": true}], "size": 4, "snippet": "means, as of a given date, (a) Capitalized EBITDA of the Borrower and its Subsidiaries determined on a consolidated basis as of such date plus (b) for any Property that was acquired by the Borrower or a Subsidiary during the immediately preceding fiscal quarter that is not Construction in Process, an amount equal to the purchase price paid by the Borrower or such Subsidiary (less any amounts paid to the Borrower or such Subsidiary as a purchase price reduction).", "hash": "5f9388cfcbaa3590022feb8bfccae50c", "id": 7}, {"snippet_links": [{"key": "with-respect-to", "type": "clause", "offset": [30, 45]}, {"key": "any-person", "type": "clause", "offset": [46, 56]}, {"key": "net-operating-income", "type": "definition", "offset": [72, 92]}, {"key": "fiscal-quarter", "type": "definition", "offset": [101, 115]}, {"key": "most-recently-ended", "type": "definition", "offset": [116, 135]}, {"key": "divided-by", "type": "clause", "offset": [156, 166]}], "samples": [{"hash": "b9PF6EgTx51", "uri": "/contracts/b9PF6EgTx51#operating-property-value", "label": "Loan Agreement (KBS Real Estate Investment Trust II, Inc.)", "score": 26.1827507019, "published": true}, {"hash": 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"in-the-aggregate", "type": "definition", "offset": [134, 150]}, {"key": "fiscal-quarters", "type": "definition", "offset": [164, 179]}, {"key": "of-the-borrower", "type": "clause", "offset": [180, 195]}, {"key": "divided-by", "type": "clause", "offset": [234, 244]}], "samples": [{"hash": "b33FmNuavwA", "uri": "/contracts/b33FmNuavwA#operating-property-value", "label": "Revolving Credit Agreement (Centro NP LLC)", "score": 21.0, "published": true}, {"hash": "4KVujRWWKky", "uri": "/contracts/4KVujRWWKky#operating-property-value", "label": "Secured Term Loan Agreement (New Plan Excel Realty Trust Inc)", "score": 21.0, "published": true}, {"hash": "26KNf8FWu15", "uri": "/contracts/26KNf8FWu15#operating-property-value", "label": "Revolving Credit Agreement (New Plan Excel Realty Trust Inc)", "score": 19.0, "published": true}], "size": 3, "snippet": "as of any date of determination the quotient of (a) an amount equal to the Adjusted Net Operating Income for all Operating Properties in the 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"for-the-avoidance-of-doubt", "type": "clause", "offset": [1288, 1314]}, {"key": "construction-work-in-progress", "type": "definition", "offset": [1329, 1358]}, {"key": "application-of-clause", "type": "clause", "offset": [1518, 1539]}, {"key": "continuously-operated", "type": "definition", "offset": [1728, 1749]}, {"key": "preceding-period", "type": "definition", "offset": [1773, 1789]}, {"key": "historical-net-operating-income", "type": "definition", "offset": [1986, 2017]}, {"key": "day-of", "type": "clause", "offset": [2100, 2106]}], "samples": [{"hash": "g4lT9KYjPmQ", "uri": "/contracts/g4lT9KYjPmQ#operating-property-value", "label": "Credit Agreement (DiamondRock Hospitality Co)", "score": 30.5715255737, "published": true}], "size": 3, "snippet": "means, at any date of determination, (a) for each New Property that Borrower elects (until the Seasoned Date), the purchase price paid for such Property determined in accordance with GAAP; (b) for each Development/Redevelopment Property, GAAP book value for such Property as of the date of determination; or (c) for each (x) Seasoned Property and (y) New Property that Borrower irrevocably elects, (A) the Adjusted NOI of such Property for the period of four consecutive fiscal quarters most recently ending divided by (B) the applicable Capitalization Rate; provided that, with respect to this clause (c), if the Adjusted NOI for such Property would be less than zero, it shall be deemed to be zero for purposes of calculating Operating Property Value. Notwithstanding the above, the Operating Property Value for Frenchman\u2019s Reef shall be determined as follows: (i) from the Effective Date through and including September 30, 2019, as the Adjusted NOI for such Property for the trailing four fiscal quarters ended September 30, 2017, which was $12,430,000; (ii) commencing on October 1, 2019 through and including September 30, 2020, (unless otherwise extended by the Administrative Agent due to delays in construction or opening of the Property), as the GAAP net book value (including, for the avoidance of doubt, the value of construction work in progress) for the most-recent fiscal quarter-end for such Property; and (iii) commencing on October 1, 2020 (or such later date if the Administrative Agent extends the application of clause (ii) above in accordance with the parenthetical in such clause) and thereafter as a Seasoned Property; provided, that solely with respect to this clause (iii), if Frenchman\u2019s Reef has not continuously operated during the immediately preceding period of four consecutive fiscal quarters then, so long as it has continuously operated for a period of at least one fiscal quarter, Adjusted NOI of such Property shall be calculated by annualizing the historical Net Operating Income of such Property for the period it has been continuously operating until the last day of the most recently ending fiscal quarter.", "hash": "9982e55689e763087fbbfcacc89d77b4", "id": 10}], "next_curs": "CmUSX2oVc35sYXdpbnNpZGVyY29udHJhY3RzckELEhpEZWZpbml0aW9uU25pcHBldEdyb3VwX3Y1NiIhb3BlcmF0aW5nLXByb3BlcnR5LXZhbHVlIzAwMDAwMDBhDKIBAmVuGAAgAA==", "definition": {"title": "Operating Property Value", "size": 145, "snippet": "means, at any date of determination,", "id": "operating-property-value", "examples": ["On the Effective Date, the Initial Borrowing Base Properties shall be the sole Borrowing Base Properties, and the <strong>Operating Property Value</strong> initially attributable to such Property shall be as approved by the Lenders and set forth on Schedule 4.1.", "Any increase in the <strong>Operating Property Value</strong> of a Borrowing Base Property shall become effective as of the next determination of the Unencumbered Borrowing Base Asset Value as provided in this Section.", "Notwithstanding the foregoing, to the extent any Real Property is an Operating Property as a result of being held by a non-Subsidiary Joint Venture of the Borrower (whether directly or indirectly), the <strong>Operating Property Value</strong> derived from such Real Property shall be Borrower\u2019s pro rata share (based on its beneficial ownership of the applicable Joint Venture) of the otherwise calculated <strong>Operating Property Value</strong> of such Operating Property.", "The ratio (expressed as a percentage) of Unsecured Debt to the <strong>Operating Property Value</strong> of all Pool Properties in the aggregate shall not at any time exceed 55%.", "Borrower shall deliver a covenant compliance certificate demonstrating compliance with the Borrowing Base Availability and Financial Covenants and operating statements, rent rolls and receivables agings for each Borrowing Base Property, including a statement (i) listing the real estate owned by Borrower including the property name, location, number of units, <strong>Operating Property Value</strong> (including the applicable methodology for calculating value), Adjusted NOI and any applicable Indebtedness secured thereby.", "If such casualty or condemnation impairs, or can reasonably be expected to impair, the value of the Affected Pool Property by an amount that exceeds 10% of its <strong>Operating Property Value</strong>, then Administrative Agent may elect, by notice to Borrower, to remove such Affected Pool Property from the Unencumbered Pool, which election shall constitute a Removal Event under Section 4.3(a)."], "related": [["property-value", "Property Value", "Property Value"], ["operating-property", "Operating Property", "Operating Property"], ["unencumbered-properties", "Unencumbered Properties", "Unencumbered Properties"], ["undeveloped-land", "Undeveloped Land", "Undeveloped Land"], ["undeveloped-property", "Undeveloped Property", "Undeveloped Property"]], "related_snippets": [], "updated": "2026-02-20T04:24:22+00:00"}, "json": true, "cursor": ""}}