Borrowing Base Value Sample Clauses

Borrowing Base Value. The Borrower will not at any time permit the Outstanding Obligations to exceed the aggregate Borrowing Base Value of the Mortgaged Properties.

Borrowing Base Value. In the event the As Is Value of any Collateral Pool Property is increased, such increase shall not become effective until the Borrower delivers to the Agent an endorsement, if necessary, to the Agent's title insurance policy increasing the amount thereof as related to such Collateral Pool Property by the adjustment to the Collateral Pool Value.

Borrowing Base Value. 1. With respect to all Borrowing Base Properties owned by any Loan Party for less than or equal to twelve (12) months (excluding Included Development Assets), the purchase price of such Borrowing Base Properties $___________ 2. With respect to each other Borrowing Base Property including Included Development Assets), the quotient of (x) the consolidated Property NOI (as set forth on Exhibit B) of such Borrowing Base Property for the most recent Rolling Period divided by (y) the Capitalization Rate applicable for such Borrowing Base Property $___________ 3. Line A1 plus Line A2 (“Borrowing Base Value”) $___________

Borrowing Base Value. Borrowing Base Values will be adjusted downward as of the end of a Fiscal Quarter if application of the formula described in clause (b) of the definition of Borrowing Base Value justifies such adjustment. In the event the Borrowing Base Value of any Borrowing Base Property is increased, such increase shall not become effective until Borrower delivers to Agent an endorsement, if necessary, to Agent's title insurance policy increasing the amount thereof as related to such Borrowing Base Property to not less than one hundred percent (100%) of the adjusted Borrowing Base Value.

Borrowing Base Value. The aggregate value of the Borrowing Base Assets, which is the sum of the lowest of the following amounts for each Borrowing Base Asset: (i) the Adjusted Appraised Value or (ii) the actual Borrowing Base Cash Flow for the most recent trailing twelve (12) months capitalized at 12.5% or (iii) if such Borrowing Base Asset has been acquired within the preceding six (6) months, its acquisition cost.

Borrowing Base Value. The Borrowing Base Value of the Borrowing Base to be less than the Required Borrowing Base Value; and

Borrowing Base Value. The Borrowing Base Value shall be calculated from time to time in accordance with the following procedure: (i) Borrowing Base Value Certificate. Simultaneously with the submission of the financial statements required in Section 5.01 of this Agreement, the Borrower shall provide to the Agent and to each Bank a certification, signed by the chief financial officer of the Borrower, providing its calculation of the Borrowing Base Value, such certification to be in a form set out in Exhibit I and otherwise in form satisfactory to the Agent and the Required Banks (the "Borrowing Base Value Certificate"). The Borrower in the Borrowing Base Value Certificate shall certify as to which Borrowing Base Hotels constitute Non-Stabilized Borrowing Base Hotels and which Borrowing Base Hotels constitute Stabilized Borrowing Base Hotels and shall certify as to the amount of the FF&E Deficiency for all such Borrowing Base Hotels in the aggregate.

Borrowing Base Value. 1. $ the lesser of (a) the sum of (i) the aggregate book value of Unencumbered Properties plus (ii) accumulated depreciation of such Unencumbered Properties, as determined on a consolidated basis in accordance with GAAP, or (b) the most recent MAI Appraisal Value of the Unencumbered Properties. * 2. $ Item 1 multiplied by 0.60. 3. $ (a) (i) The Companies’ Military Housing EBITDA for the three month period ending on the last day of the fiscal quarter ending on date of determination times (ii) 4, multiplied by (b) 8. 4. $ (a) (i) Consolidated EBITDA from the Companies’ management of third party owned Student Housing Projects for the three month period ending on the last day of the fiscal quarter ending on date of determination times (ii) 4, multiplied by (b) 3. 5. $ Sum of Item 3 + Item 4. 6. $ Item 5 multiplied by 0.50 (limited to 50% of Borrowing Base Value). 7. $ Sum of 2 + 6.

Borrowing Base Value. 1. $ (a) (i) The Companies’ NOI from Student Housing Projects for the three month period ending on the last day of the fiscal quarter ending on date of determination times (ii) 4, divided by (b) 8.5%. 2. $ Approved Costs of each Student Housing Project acquired during the fiscal quarter ending on the date of determination. 3. $ Sum of Item 1 + Item 2.* 4. $ Item 3 multiplied by 0.60. 5. $ (a) (i) The Companies’ Military Housing EBITDA for the three month period ending on the last day of the fiscal quarter ending on date of determination times (ii) 4, multiplied by (b) 8. 6. $ (a) (i) Consolidated EBITDA from the Companies’ management of third party owned Student Housing Projects for the three month period ending on the last day of the fiscal quarter ending on date of determination times (ii) 4, multiplied by (b) 3. 7. $ Sum of Item 5 + Item 6 (limited to 35% of Borrowing Base Value). 8. $ Item 7 multiplied by 0.50. 9. $ Sum of 4 + 8. * The Unencumbered Asset Value of any single Unencumbered Property may not exceed 30% of the Borrowing Base Value rental, management, and operating income from Student Housing Projects $ -property operating expenses $ -real estate taxes $ -bad debt expense $ -other operating expenses and property charges related to operation of Student Housing Projects $ +debt service $ +income taxes paid $ +depreciation, amortization, and other non-cash expenses $ =NOI from Unencumbered Properties $ Consolidated Net Income $ +Consolidated Interest Charges $ +income taxes $ +depreciation expense $ +amortization expense $ +non-recurring non-cash expenses $ -income tax credits $ -non-cash income $ =Consolidated EBITDA $