Underwritten Value definition
Underwritten Value means, with respect to the Projects, the value of the Projects as determined by the Administrative Agent from time to time in accordance with its then customary underwriting standards. It is understood that the Underwritten Value of the Projects will fluctuate over time and that, following the occurrence of any facts or circumstances that bear upon the Underwritten Value of the Projects and/or the Administrative Agent's methodology for determining the same, (i) the Borrower shall have the right, at the Borrower's sole cost and expense, to submit to the Administrative Agent not more frequently than once each calendar month copies of new leases, lease modifications and other documents, materials and information, all certified by a Responsible Officer as being true, correct and complete, which bear upon the Underwritten Value of any of the Projects and request, based upon such information, that the Administrative Agent re-determine the Underwritten Value of the Project(s) in question and (ii) the Administrative Agent shall have the right, at the Borrower's sole cost and expense, to re-determine the Underwritten Value of the Projects (or any of them) on written notice to the Borrower and/or request that the Borrower submit (and the Borrower shall thereafter promptly submit) to the Administrative Agent copies of any documents, materials and information, all certified by a Responsible Officer as being true, correct and complete, which bear upon the Underwritten Value of any of the Projects and re-determine the Underwritten Value of the Project(s) in question on written notice to the Borrower; provided, however, that (a) the Administrative Agent shall not redetermine the Underwritten Value of any individual Project under this clause (ii) more frequently than one (1) time each calendar month and (b) the Borrower shall have the right, at its sole cost and expense, to request that the Administrative Agent review any re-determination of Underwritten Value by the Administrative Agent under this clause (ii) by giving written notice of such request for review to the Administrative Agent at any time during the ten (10) day period following the Administrative Agent's re-determination of Underwritten Value under this clause (ii), it being understood that the Administrative Agent's initial re-determination of the Underwritten Value of any given project shall continue to be the Underwritten Value thereof until such time (if any) as the Administrative Agent shall advise the B...
Examples of Underwritten Value in a sentence
It is understood that a Borrowing Base Imbalance may occur or exist as a result of, among other things, changes to the Underwritten Value of any of the Projects and/or the determination or re-determination of the Appraised Value of any of the Projects.