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 sum of the Tranche A Loan Availability and Tranche B Loan Availability as determined in accordance with Sections 2.B.3.C and 2.B.3.D, respectively, as may be reduced in accordance with Section 2.B.3.E. C. For any period of determination, Tranche A Loan Availability shall equal the sum of the following three amounts, rounded down to the nearest $1,000,000.00 increment: 1. With respect to Approved Assets which, as of the Calculation Date, either Borrower or an Approved Subsidiary has owned for more than one year (and which have been in operation for more than one year), the lesser of:
Appears in 2 contracts
Sources: Revolving Credit Agreement (Saul Centers Inc), Revolving Credit Agreement (Saul Centers Inc)