Real Estate Borrowing Base definition

Real Estate Borrowing Base means 80% of the purchase price of Eligible Real Estate Inventory plus at the Lender's sole discretion up to eighty percent (80%) of the Eligible Development Costs of Eligible Real Estate Inventory, provided, however the Real Estate Borrowing Base shall not exceed Five Million Dollars ($8,500,000).

Real Estate Borrowing Base means, as of any date determined by Agent, from time to time, an amount equal to the lesser of (a) 50% of the appraised fair market value of Borrowers’ owned Real Estate and (b) $30,000,000; provided that the amount of the Real Estate Borrowing Base shall amortize monthly on a ten-year straight-line basis, beginning on the Restatement Date.

Real Estate Borrowing Base means, at the time of calculation, the sum of (i) 60% of the aggregate annualized and normalized actual year-to-date Net Operating Incomes of the unencumbered Eligible Properties (other than hotel properties) capitalized at 10.5%, (ii) 60% of the aggregate annualized and normalized actual year to date Net Operating Incomes less FF&E Reserves of unencumbered Eligible Properties constituting hotel properties capitalized at 10.5%; (iii) 50% of the aggregate annualized and normalized actual year-to-date Net Operating Incomes of the encumbered Eligible Properties capitalized at 12.0% up to a maximum amount of $10,000,000; provided, however, that in no event shall the aggregate amounts included in clause (ii) above exceed 10% if the Borrowing Base at any time.

Examples of Real Estate Borrowing Base in a sentence

• The parties hereto agree that (i) upon the receipt of all of the appraisals required above, the Real Estate Borrowing Base shall be recalculated and reset by Agent in accordance with the terms thereof (as amended by this Amendment), based on the results of such appraisals and (ii) such appraisals shall not count against the limited number of Real Estate appraisals for which expense reimbursement may be sought pursuant to clause (f) of Annex E to the Credit Agreement.

• If the costs to complete the Villa Unit complex exceeds Real Estate Borrowing Base Availability for such complex, Borrowers shall be required to fund such shortfall prior to further advances of the Real Estate Revolving Loans.

• After giving effect to the making of such Loan, (a) the Aggregate A/R Revolving Credit Obligations shall not be greater than the lesser of (i) the Total A/R Revolving Loan Commitment and (ii) the A/R Borrowing Base Availability, and (b) the Aggregate Real Estate Revolving Credit Obligations shall not be greater than the lesser of (i) the Total Real Estate Revolving Loan Commitment and (ii) the Real Estate Borrowing Base Availability.] [INCLUDE IF NOTICE IS DELIVERED IN CONNECTION WITH A DRAW: 5.

• Administrative Agent shall have received a Real Estate Borrowing Base Certificate and an A/R Borrowing Base Certificate, each dated as of the Closing Date, demonstrating compliance with Section 9.1 after giving effect to the initial advances of the Loans.

• At all times, (i) the Appraised Value of the Eligible Owned Real Estate included in the calculation of Real Estate Borrowing Base Availability shall be $150,000,000.00 or greater and (ii) at least ten (10) Collateral Properties shall be Eligible Owned Real Estate included in the calculation of Real Estate Borrowing Base Availability.

More Definitions of Real Estate Borrowing Base

Real Estate Borrowing Base the Real Estate Borrowing Base Percentage for the applicable Fiscal Year of the Borrowers, multiplied by, the Aggregate Appraisal Value.

Real Estate Borrowing Base means, at the time of calculation, 50% of the aggregate annualized and normalized actual year-to-date Net Operating Incomes of the Eligible Properties capitalized at 11.5%.

Real Estate Borrowing Base means, as of any date of determination, the result of subtracting: (i) the aggregate amount of reserves, if any, established by Foothill under Sections 2.2, 6.11 and 10; and further subtracting (ii) the Average Undrawn portion of Letters of Credit (without duplication of such amounts if subtracted pursuant to Section 2.1(a)); from, the Amortizing Base Amount.

Real Estate Borrowing Base is hereby deleted therefrom in its entirety and the following is hereby inserted in lieu thereof:

Real Estate Borrowing Base means, as of any date determined by Agent, from time to time, after (i) the Real Estate Requirements have been satisfied and (ii) the delivery to Agent of such environmental studies and appraisals requested by it, in each case reasonably satisfactory in form and substance to Agent, in its sole discretion, an amount equal to the least of (a) 60% of the appraised fair market value of Borrowers’ owned Real Estate, (b) $30,000,000 and (c) 20% of the Borrowing Base (including the Real Estate Borrowing Base); provided that until the date on which Agent notifies Borrower Representative that the conditions set forth in clauses (i) and (ii) above have been satisfied in full, the Real Estate Borrowing Base shall be zero; provided further that the amount of the Real Estate Borrowing Base shall amortize monthly on a ten-year straight-line basis, beginning on the date on which the conditions set forth in clauses (i) and (ii) above are initially satisfied in full. Borrowers may request that Agent effectuate the Real Estate Borrowing Base at any time and Borrowers shall thereafter take such action as may be necessary to complete the Real Estate Requirements and concurrently direct Agent to request or otherwise obtain all appraisals or environmental studies necessary to satisfy the conditions set forth in clause (ii) above. Agent shall work diligently to complete its review of such appraisals and environmental studies following Borrowers’ request to effectuate the Real Estate Borrowing Base.

Real Estate Borrowing Base in Section 1.1 of the Agreement is hereby deleted.

Real Estate Borrowing Base means, as of any date determined by Agent, from time to time, an amount equal to the lesser of (a) 50% of the appraised fair market value of Borrowers' owned Real Estate (based on the appraisals delivered to Agent pursuant to the Fourth Amendment) and (b) $30,000,000; provided that the Real Estate listed as item #14 on Schedule A to the Fourth Amendment shall not be included in the Real Estate Borrowing Base until such time as Agent and Lenders shall have received the information and documentation with respect thereto required pursuant to Section 5.9 within 90 days of the Fourth Amendment Effective Date (or such later period agreed to by Agent in its sole discretion) including without limitation a current appraisal of such Real Estate, prepared by an appraiser acceptable to Agent, and in form and substance satisfactory to Agent and Lenders; provided, further, that the amount of the Real Estate Borrowing Base shall amortize monthly on a twelve and a half-year straight-line basis, beginning on the first day of the calendar month following the Fourth Amendment Effective Date.