Common use of Borrowing Base Availability Clause in Contracts

Borrowing Base Availability. At any date of determination, the Borrowing Base Availability shall be the Borrowing Base Availability for Eligible Real Estate included in the Mortgaged Property owned by the Borrower or any Subsidiary Guarantor. The Borrowing Base Availability for Eligible Real Estate included in the Mortgaged Property shall be the amount which is the lesser of (a) sixty-five percent (65%) of the Collateral Pool Value through March 31, 2010, sixty percent (60%) of the Collateral Pool Value thereafter through and including March 31, 2011, and fifty-five percent (55%) of the Collateral Pool Value thereafter; and (b) the Debt Service Coverage Amount for the Mortgaged Properties, and the amount which is the lesser of (a) and (b) shall be the Borrowing Base Availability for Eligible Real Estate included in the Mortgaged Property. Notwithstanding the foregoing, the Borrowing Base Availability attributable to a Mortgaged Property shall not exceed the principal amount to which recovery under the applicable Security Deed is limited, unless such Security Deed is amended to increase any such limit. Furthermore, the Borrowing Base Availability shall be adjusted and reduced as described in clause (c) of the definition of “Insurance Availability Condition”. Borrowing Base Property Certificate. See §7.4(e). Building. With respect to each parcel of Real Estate, all of the buildings, structures and improvements now or hereafter located thereon. Business Day. Any day on which banking institutions located in the same city and state as the Agent’s Head Office and in New York are open for the transaction of banking business and, in the case of LIBOR Rate Loans, which also is a LIBOR Business Day.

Borrowing Base Availability. At any date (a) Subject to the limitations of determinationSection 2.4(b) below, the Revolving Credit shall be available in amounts determined in accordance with the Borrowing Base Availability Rider in the form attached hereto as Exhibit A. Advances under the Equipment Line shall be limited to 90DEG./a of the Borrowing Base Availability for Eligible Real Estate included face amount of equipment invoices (excluding taxes, shipping and installation) submitted with any Loan Request (as providEd below in Section 2.5), not to exceed $1,500,000 in the Mortgaged Property owned aggregate. (b) The Bank may from time to time during the period beginning on the Closing Date and ending on the Revolving Credit Expiration Date, upon request of the Borrower, issue Letters of Credit for the account of the Borrower (the "LETTERS OF CREDIT") in such face amounts as the Borrower may request, but not to exceed, when added to the amount of all outstanding Letters of Credit and all amounts outstanding under the Revolving Credit, the amount of $2,500,000. The face amount of all Letters of Credit issued and outstanding hereunder shall reduce dollar for dollar the amount available for borrowing under the Revolving Credit, and all payments made by the Borrower Bank (or by any Subsidiary Guarantorother issuing Bank) on such Letters of Credit shall be considered as advances under the Revolving Credit. The Borrowing Base Availability for Eligible Real Estate included in obligations of the Mortgaged Property Bank on such Letters of Credit shall be secured by all of the amount Collateral. Each Letter of Credit issued for the account of the Borrower hereunder shall (i) be in favor of such beneficiaries as specifically requested by the Borrower; (ii) have an expiration date not exceeding one (1) year from the date of their issuance unless a longer term is agreed to by the Bank as requested by the Borrower, but in no event shall the Bank be obligated to issue a Letter of Credit with an expiration date which is extends beyond the lesser Revolving Credit Expiration Date; and (iii) contain such other terms and provisions as may be required by the Bank. In the event at the Revolving Loan's Maturity Date there are outstanding Letters of Credit with expiration dates beyond the Revolving Credit Expiration Date, the Borrower and the Bank agree that all of the Collateral pledged to secure the Note and the other obligations of the Borrower hereunder and under the other documents executed in connection herewith, shall continue to secure the obligations of the Borrower to the Bank or other issuing Bank on such outstanding Letters of Credit until such time as either (a) sixty-five percent (65%) all such Letters of the Collateral Pool Value through March 31, 2010, sixty percent (60%) of the Collateral Pool Value thereafter through and including March 31, 2011, and fifty-five percent (55%) of the Collateral Pool Value thereafterCredit have expired by their terms; and or (b) the Debt Service Coverage Amount for Bank or other issuing Bank has received indemnification from a party satisfactory to the Mortgaged PropertiesBank or the other issuing Bank, and as the amount which is the lesser of (a) and (b) shall be the Borrowing Base Availability for Eligible Real Estate included in the Mortgaged Property. Notwithstanding the foregoingcase may be, the Borrowing Base Availability attributable as to a Mortgaged Property shall not exceed the principal amount to which recovery Borrower's obligations under the applicable Security Deed is limited, unless such Security Deed is amended to increase any such limit. Furthermore, the Borrowing Base Availability shall be adjusted and reduced as described in clause (c) outstanding Letters of the definition of “Insurance Availability Condition”. Borrowing Base Property Certificate. See §7.4(e). Building. With respect to each parcel of Real Estate, all of the buildings, structures and improvements now or hereafter located thereon. Business Day. Any day on which banking institutions located in the same city and state as the Agent’s Head Office and in New York are open for the transaction of banking business and, in the case of LIBOR Rate Loans, which also is a LIBOR Business DayCredit.