Debt Service Coverage Amount. At any time determined by the Agent, an amount equal to the maximum principal amount of all Unsecured Indebtedness of the Trust, the Borrower and their Subsidiaries (including, without limitation, the Loans) which, when bearing interest at a rate per annum equal to the greater of (a) the then-current annual yield on seven (7) year obligations issued by the United States Treasury most recently prior to the date of determination plus 2.50% payable based on a 30 year mortgage style amortization schedule (expressed as a mortgage constant percentage) and (b) 7.0%, would be payable by the monthly principal and interest payment amount resulting from dividing (a) the Operating Cash Flow from the Unencumbered Borrowing Base Properties for the preceding four fiscal quarters divided by 1.5 by (b) 12. With respect to any Unencumbered Borrowing Base Property which has not been owned by Borrower or a Subsidiary thereof for four (4) full fiscal quarters, then for the purposes of determining the Debt Service Coverage Amount, the historic Operating Cash Flow from such Unencumbered Borrowing Base Property shall be used, or if such information is not available, then the Operating Cash Flow shall be the Borrower’s pro forma underwritten Operating Cash Flow for such Unencumbered Borrowing Base Property for the next succeeding four (4) fiscal quarters as reasonably approved by Agent (provided, that the pro forma underwritten Operating Cash Flow for each of such four (4) fiscal quarters shall be replaced by the actual Operating Cash Flow for each fiscal quarter thereafter until such time as there are four (4) full fiscal quarters of operating results for the Borrower, and the pro forma underwritten Operating Cash Flow approved by Agent shall continue to be used for the fiscal quarters not yet occurred). The determination of the Debt Service Coverage Amount and the components thereof by the Agent shall, so long as the same shall be determined in good faith, be conclusive and binding absent manifest error.
Debt Service Coverage Amount. At any time determined by Agent, an amount equal to the maximum principal loan amount which is payable at the greater of (a) interest at a rate per annum equal to the then-current annual yield on seven (7) year obligations issued by the United States Treasury most recently prior to the date of determination plus two hundred fifty (250) basis points (2.5%) and being amortized over a thirty (30) year period and (b) interest at a rate per annum equal to seven percent (7.0%) and being amortized over a thirty (30) year period, that would be payable by the monthly principal and interest payment amount resulting from dividing (a) Operating Cash Flow from the Unencumbered Pool Properties divided by 1.50, by (b) 12. Attached hereto as Schedule 9 is an example of the calculation of Debt Service Coverage Amount (such example is meant only as an illustration based upon the assumptions set forth in such example, and shall not be interpreted so as to limit the Agent in its good faith determination of the Debt Service Coverage Amount hereunder). The determination of the Debt Service Coverage Amount and the components thereof by the Agent shall, so long as the same shall be determined in good faith, be conclusive and binding absent demonstrable error. Default. See Article X.
Debt Service Coverage Amount. At any time determined by Agent, an amount equal to the maximum principal loan amount amortized over a twenty-five (25) year period which, when bearing interest at a rate per annum equal to the greater of (i) the then-current annual yield on ten (10) year obligations issued by the United States Treasury most recently prior to the date of determination plus three hundred (300) basis points (3.0%) and (ii) seven percent (7.0%), would be payable by the monthly principal and interest payment amount resulting from dividing (a) Adjusted Net Operating Income from the Mortgaged Properties divided by 1.50, by (b) 12. Attached hereto as Schedule 9 is an example of the calculation of Debt Service Coverage Amount (such example is meant only as an illustration based upon the assumptions set forth in such example, and shall not be interpreted so as to limit the Agent in its good faith determination of the Debt Service Coverage Amount hereunder). The determination of the Debt Service Coverage Amount and the components thereof by the Agent shall, so long as the same shall be determined in good faith, be conclusive and binding absent demonstrable error. Until such time as Borrower delivers the Compliance Certificate for the quarter ending. Default. See §12.1.
Debt Service Coverage Amount. At any time determined by Agent, an amount equal to the maximum principal loan amount which, when bearing interest at a rate per annum equal to the then-current annual yield on ten (10) year obligations issued by the United States Treasury most recently prior to the date of determination plus two percent (2.0%) and payable based on a twenty-five year mortgage style amortization schedule (expressed as a mortgage constant percentage), could be paid by the monthly principal and interest payment amount resulting from dividing (x) the quotient obtained by dividing an amount equal to (i) the sum of the aggregate Operating Cash Flow from the Unencumbered Operating Properties for the preceding four fiscal quarters, minus the Capital Improvement Reserve, by (ii) 2.00, by (y) 12. An example of the calculation of the Debt Service Coverage Amount is set forth in Schedule 2 attached hereto. In the event that the Borrowers shall have owned a property within the Unencumbered Operating Properties for less than four consecutive fiscal quarters, then for the purposes of performing such calculation, the Operating Cash Flow with respect to such property shall be annualized in such manner as the Majority Banks shall reasonably determine.
Debt Service Coverage Amount. At any time determined by Agent, an amount equal to the maximum principal loan amount which, when bearing interest at a rate per annum equal to the greater of (a) the then-current annual yield on ten (10) year obligations issued by the United States Treasury most recently prior to the date of determination plus two percent (2%) and (b) ten percent (10%), and payable based on a twenty-five year mortgage style amortization schedule, could be paid by the monthly principal and interest payment amount resulting from dividing (x) the quotient obtained by dividing an amount equal to (i) the sum of the Net Operating Income from an individual Unencumbered Operating Property for the preceding four fiscal quarters (with respect to a DownREIT, that portion of the Net Operating Income allocable to the Subsidiary Minority Interest shall be deducted from the total Net Operating Income), MINUS the Capital Improvement Reserve for such Unencumbered Operating Property, by (ii) 1.75 by (y) 12.
Debt Service Coverage Amount. At any time determined by the Agent, an amount equal to the maximum principal loan amount amortized over a thirty (30) year period which, when bearing interest at a rate per annum equal to the greatest of (a) the then-current annual yield on ten (10) year obligations issued by the United States Treasury most recently prior to the date of determination plus two hundred fifty (250) basis points (2.50%), (b) the highest interest rate being paid at the time of such determination hereunder and (c) an eight and one-half percent (8.5%) mortgage constant, would be payable by the monthly principal and interest payment amount resulting from dividing (y) the Adjusted Net Operating Income from the Borrowing Base Assets for the prior four (4) quarters most recently ended divided by 1.50, by (z) twelve (12). Attached hereto as Schedule 9 is an example of the calculation of Debt Service Coverage Amount (such example is meant only as an illustration based upon the assumptions set forth in such example, and shall not be interpreted so as to limit the Agent in its good faith determination of the Debt Service Coverage Amount hereunder). The determination of the Debt Service Coverage Amount and the components thereof by the Agent shall, so long as the same shall be determined in good faith, be conclusive and binding absent demonstrable error until such time as the Borrower delivers the Compliance Certificate for the quarter ending.
Debt Service Coverage Amount. At any time determined by Agent, an amount equal to the maximum principal loan amount which, when bearing interest at a rate per annum equal to the then-current annual yield on ten (10) year obligations issued by the United States Treasury most recently prior to the date of determination plus two and one-quarter percent (2.25%) and payable based on a twenty-five year mortgage style amortization schedule (expressed as a
Debt Service Coverage Amount. At any time determined by the Agent, an amount equal to the maximum principal amount of Loans that may be outstanding pursuant to the following formula: ADJUSTED NOI = P ------------ 2.0 x D Where P = maximum principal balance of Loans that may be outstanding D = the greater of (a) the greater of (i) the then-current annual yield on ten (10) year obligations issued by the United States Treasury most recently prior to the date of determination plus 2.0% payable on a 25-year mortgage style amortization schedule (expressed as a decimal), or (ii) .095, and (b) the actual blended rate of interest then payable with respect to the Loans (expressed as a decimal) NOI = the product of (a) Net Operating Income from the Unencumbered Borrowing Base Properties for the preceding two (2) fiscal quarters most recently ended multiplied by (b) two (2) (subject to the provisions for the calculation of Adjusted Net Operating Income for the period through December 31, 2001 as set forth in the definition of Adjusted Net Operating Income) Adjusted NOI = the sum of (a) NOI less (b) the Capital Expenditure Reserve for the Unencumbered Borrowing Base Properties Attached hereto as SCHEDULE 2 is an example of the calculation of Debt Service Coverage Amount (such example is meant only as an illustration based upon the assumptions set forth in such example, and shall not be interpreted so as to limit the Agent in its good faith determination of the Debt Service Coverage Amount hereunder as hereinafter provided). The determination of the Debt Service Coverage Amount and the components thereof by the Agent shall, so long as the same shall be determined in good faith, be conclusive and binding absent manifest error.
Debt Service Coverage Amount. At any time determined by the Agent, an amount equal to the maximum principal loan amount amortized over a thirty (30) year period which, when bearing interest at a rate per annum equal to the greatest of (a) the then-current annual yield on seven (7) year obligations issued by the United States Treasury most recently prior to the date of determination plus two hundred fifty (250) basis points (2.50%), (b) the highest interest rate being paid at the time of such determination hereunder and (c) six and one-half percent (6.5%) constant, would be payable by the monthly principal and interest payment amount resulting from dividing (y) Adjusted Net Operating Income from the Mortgaged Properties divided by 1.30, by (z) twelve (12). The determination of the Debt Service Coverage Amount and the components thereof by the Agent shall, so long as the same shall be determined in good faith, be conclusive and binding absent demonstrable error until such time as the Borrower delivers the Compliance Certificate for the quarter ending.
Debt Service Coverage Amount. At any time determined by the Agent, an amount equal to the maximum principal loan amount which, when bearing interest at a rate per annum equal to the greater of (a) the then-current annual yield on seven (7) year obligations issued by the United States Treasury most recently prior to the date of determination plus 2.50% payable based on a 25 year mortgage style amortization schedule (expressed as a mortgage constant percentage) and (b) 8.5%, would be payable by the monthly principal and interest payment amount resulting from dividing (a) the Operating Cash Flow from the Mortgaged Properties for the preceding four fiscal quarters divided by 1.5 by (b) 12. The determination of the Debt Service Coverage Amount and the components thereof by the Agent shall, so long as the same shall be determined in good faith, be conclusive and binding absent manifest error. Default. See §12.1.
