Common use of Determination of Loan Availability Clause in Contracts

Determination of Loan Availability. A. Loan Availability shall be calculated by Agent on behalf of the Lenders on the first day of each calendar quarter and on each Calculation Date. B. For any period of determination, Loan Availability shall equal the lesser of the following amounts: 1. Unencumbered Adjusted EBITDA for the previous four (4) quarters (x) multiplied by sixty percent (60%) and (y) divided by nine and one-quarter percent (9.25%); or 2. The Permanent Loan Estimate (using Unencumbered Adjusted EBITDA for the previous four (4) quarters) for such Approved Assets. provided, however, Loan Availability shall be reduced on a dollar for dollar basis (which reduction shall not be applied to the Acquisition Sublimit) by (x) the face amount of any Letters of Credit issued by Agent and outstanding hereunder, (y) one and one-half (1.5) times the amount of any Imposition, Lien or Encumbrance arising with respect to any Approved Asset until same is paid in full, discharged or bonded over to the satisfaction of the Agent (provided that such Imposition, Lien or Encumbrance is less than one percent (1%) of the Capitalization Value of the Approved Asset, it being acknowledged that for so long as any Imposition, Lien or Encumbrance in excess of such amount encumbers an Approved Asset, such Real Estate Asset shall not be an Approved Asset) and (z) any other unsecured indebtedness of Borrower or Guarantor. C. In no event shall Lenders be obligated to make Advances which in the aggregate exceed Loan Availability as determined by Agent from time to time. If at any time Loan Availability is less than the Total Revolving Outstandings, Borrower shall, within thirty (30) days of such determination by Agent, either (i) cure the cause of such reduction in Loan Availability, or (ii) pay the excess to Agent on behalf of the Lenders. No additional Advances shall be made hereunder and no additional Letters of Credit shall be issued hereunder until such time as Agent determines that Loan Availability exceeds the Total Revolving Outstandings. It shall be an Event of Default if Borrower fails to cure the cause of the reduction in Loan Availability or make the required payment within such thirty (30) day period. D. In no event shall Lenders be obligated to make an Advance under the Acquisition Sublimit which exceeds an amount equal to Loan Availability; provided that, solely for purposes of determining the Loan Availability in connection with an Advance under the Acquisition Sublimit, the Approved Acquisition for which such Advance is being made shall be deemed the sole Approved Asset hereunder.

Determination of Loan Availability. A. (a) Loan Availability shall be initially calculated by Borrower and finally determined by Administrative Agent on behalf of the Lenders in its sole discretion on the first day of each calendar quarter and on each Calculation Datefiscal quarter. B. (b) For any period of determination, Loan Availability shall equal the lesser of the following amounts: 1. Unencumbered Adjusted EBITDA (i) The aggregate Commitment of all of the Lenders; (ii) Seventy percent (70%) of the value of the Approved Assets (and for purposes of this determination, Borrower shall provide evidence to Administrative Agent that each such Approved Asset continues to satisfy the requirements of an Approved Asset, including the Minimum Lease Up Requirement) as determined by Administrative Agent based on Appraisals obtained and reviewed by Administrative Agent (prior to the Effective Date, in connection with an Approved Asset Closing or in connection with the exercise by Borrower of the Extension Option); provided, however if an Approved Asset was acquired by Borrower or the Approved Subsidiary within the previous four (4) quarters (x) multiplied by sixty percent (60%) and (y) divided by nine and one-quarter percent (9.25%)two fiscal quarters, the value attributable thereto shall not exceed Borrower’s undepreciated GAAP basis therein; or 2. (iii) The Permanent Loan Estimate (using Unencumbered Adjusted EBITDA NOI for Approved Assets during the previous four two (42) fiscal quarters) for such Approved Assets. , annualized); provided, however, Loan Availability shall be reduced on a dollar for dollar basis (which reduction shall not be applied to the Acquisition Sublimit) by (x) the face amount Letter of Credit Liabilities, (y) the aggregate balance of any Letters of Credit issued Swingline Loans made by Agent the Swingline Lender and outstanding hereunder, and (yz) one and one-half (1.5) times the amount of any Imposition, Lien or Encumbrance (other than any Lien securing the Loan) arising with respect to any Approved Asset until same is paid in full, discharged or bonded over to the satisfaction of the Administrative Agent (provided that such Imposition, Lien or Encumbrance is less than one percent (1%) of the Capitalization Value Permanent Loan Estimate of the Approved Asset, it being acknowledged that for so long as any Imposition, Lien or Encumbrance in excess of such amount encumbers an Approved Asset, such Real Estate Asset shall not be an Approved Asset) and (z) any other unsecured indebtedness of Borrower or Guarantor). C. (c) In no event shall Lenders be obligated to make Advances advances which in the aggregate exceed Loan Availability as determined by Administrative Agent from time to time. If at any time Loan Availability is less than the Total Revolving Outstandingsaggregate unpaid principal balance of advances outstanding, Borrower shall, within thirty ninety (3090) days of such determination by Administrative Agent, either (i) cure the cause of such reduction in Loan Availability, or (ii) pay the excess of amounts outstanding under the Loan over Loan Availability to Administrative Agent on behalf of the Lenders. No additional Advances advances shall be made hereunder and no additional Letters of Credit shall be issued hereunder until such time as Administrative Agent determines that Loan Availability exceeds the Total Revolving Outstandingssuch condition has been cured. It shall be an Event of a Default hereunder if Borrower fails to cure the cause of the reduction in Loan Availability or make the required payment within such thirty ninety (3090) day period. D. In no event shall Lenders be obligated to make an Advance under the Acquisition Sublimit which exceeds an amount equal to Loan Availability; provided that, solely for purposes of determining the Loan Availability in connection with an Advance under the Acquisition Sublimit, the Approved Acquisition for which such Advance is being made shall be deemed the sole Approved Asset hereunder.

Determination of Loan Availability. A. Loan Availability shall be calculated by Agent on behalf of the Lenders on the first day of each calendar quarter and on each Calculation Date. B. For any period of determination, Loan Availability shall equal the lesser of the following amounts: 1. Unencumbered Adjusted EBITDA for the previous four (4) quarters (x) multiplied by sixty percent (60%) and (y) divided by nine eight and onethree-quarter quarters percent (9.258.75%); ) or 2. The Permanent Loan Estimate (using Unencumbered Adjusted EBITDA for the previous four (4) quarters) for such Approved Assets. provided, however, Loan Availability shall be reduced on a dollar for dollar basis (which reduction shall not be applied to the Acquisition Sublimit) by (x) the face amount of any Letters of Credit issued by Agent and outstanding hereunder, (y) the aggregate balance of any Swing Loans made by the Swing Lender and outstanding hereunder, and (z) one and one-half (1.5) times the amount of any Imposition, Lien or Encumbrance arising with respect to any Approved Asset until same is paid in full, discharged or bonded over to the satisfaction of the Agent (provided that such Imposition, Lien or Encumbrance is less than one percent (1%) of the Capitalization Value of the Approved Asset, it being acknowledged that for so long as any Imposition, Lien or Encumbrance in excess of such amount encumbers an Approved Asset, such Real Estate Asset shall not be an Approved Asset) and (z) any other unsecured indebtedness of Borrower or Guarantor. C. In no event shall Lenders be obligated to make Advances which in the aggregate exceed Loan Availability as determined by Agent from time to time. If at any time Loan Availability is less than the Total Revolving Outstandings, Borrower shall, within thirty (30) days of such determination by Agent, either (i) cure the cause of such reduction in Loan Availability, or (ii) pay the excess to Agent on behalf of the Lenders. No additional Advances shall be made hereunder and no additional Letters of Credit shall be issued hereunder until such time as Agent determines that Loan Availability exceeds the Total Revolving Outstandings. It shall be an Event of Default if Borrower fails to cure the cause of the reduction in Loan Availability or make the required payment within such thirty (30) day period. D. In no event shall Lenders be obligated to make an Advance under the Acquisition Sublimit which exceeds an amount equal to Loan Availability; provided that, solely for purposes of determining the Loan Availability in connection with an Advance under the Acquisition Sublimit, the Approved Acquisition for which such Advance is being made shall be deemed the sole Approved Asset hereunder.