Common use of Debt Service Coverage Amount Clause in Contracts

Debt Service Coverage Amount. At any time determined by the Agent, an amount equal to the maximum principal amount of all Funded Unsecured Indebtedness (including Loans) that may be outstanding pursuant to the following formula: Adjusted NOI = P ------------ 2.0 x D Where P = maximum principal balance of all Funded Unsecured Indebtedness (including the Loans) that may be outstanding D = the greatest of (a) a loan constant based upon 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 1.75% payable on a 25-year mortgage style amortization schedule (expressed as a decimal), (b) .09, and (c) 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) 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 reasonably determined in good faith, be conclusive and binding absent manifest error. The Debt Service Coverage Amount shall not be used in determining the Borrowing Base except as provided in the definition thereof.

Debt Service Coverage Amount. At any time determined by the Agent, an amount equal to the maximum principal loan amount of all Funded Unsecured Indebtedness (including Loans) that may be outstanding pursuant which, when bearing interest at a rate per annum equal to the following formula: Adjusted NOI = P ------------ 2.0 x D Where P = maximum principal balance of all Funded Unsecured Indebtedness (including the Loans) that may be outstanding D = the greatest lesser of (ai) a loan constant based upon the then-current annual yield on ten seven (107) year obligations issued by the United States Treasury most recently prior to the date of determination plus 1.752.0% payable based on a 25-25 year mortgage style amortization schedule (expressed as a decimalmortgage constant percentage) and (ii) ten percent (10%), (b) .09, would be payable by the monthly principal and (c) the actual blended rate of interest then payable with respect to the Loans (expressed as a decimal) NOI = the product of payment amount resulting from dividing (a) Net the Operating Income Cash Flow from the Unencumbered Borrowing Base Properties an individual Mortgaged Property for the preceding two (2) four fiscal quarters most recently ended multiplied divided by 1.75 by (b) two (2) Adjusted NOI = the sum of (a) NOI less (b) the Capital Expenditure Reserve for the Unencumbered Borrowing Base Properties 12. 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 reasonably determined in good faith, be conclusive and binding absent manifest error. The In the event that the Borrower or any Approved Subsidiary shall have owned a Mortgaged Property for less than four consecutive fiscal quarters, then for the purpose of determining the Debt Service Coverage Amount Amount, the Operating Cash Flow with respect to such Mortgaged Property shall not be used annualized in determining such manner as the Borrowing Base except Agent shall reasonably determine. For the purpose of calculating Operating Cash Flow under this definition as provided to any Mortgaged Property, the Operating Cash Flow Rental Adjustment shall be applied to any Mortgaged Property affected by any of the events described in the definition thereofof Operating Cash Flow Rental Adjustment.

Debt Service Coverage Amount. At any time determined by the Agent, an amount equal to the maximum principal amount of all Funded Unsecured Indebtedness (including Loans) Loans that may be outstanding pursuant to the following formula: Adjusted ADJUSTED NOI = P ------------ 2.0 x D Where P = maximum principal balance of all Funded Unsecured Indebtedness (including the Loans) Loans that may be outstanding D = the greatest greater of (a) a loan constant based upon 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 1.752.0% payable on a 25-year mortgage style amortization schedule (expressed as a decimal), or (bii) .09.095, and (cb) 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 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 reasonably determined in good faith, be conclusive and binding absent manifest error. The Debt Service Coverage Amount shall not be used in determining the Borrowing Base except as provided in the definition thereof.

Debt Service Coverage Amount. At any time determined by the Agent, an amount equal to the maximum principal loan amount of all Funded Unsecured Indebtedness (including Loans) that may be outstanding pursuant which, when bearing interest at a rate per annum equal to the following formula: Adjusted NOI = P ------------ 2.0 x D Where P = maximum principal balance of all Funded Unsecured Indebtedness (including the Loans) that may be outstanding D = the greatest greater of (ai) a loan constant based upon 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 1.752.0% payable based on a 25-25 year mortgage style amortization schedule (expressed as a decimalmortgage constant percentage) and (ii) eight percent (8%), (b) .09, would be payable by the monthly principal and (c) the actual blended rate of interest then payable with respect to the Loans (expressed as a decimal) NOI = the product of payment amount resulting from dividing (a) Net the Operating Income Cash Flow from the Unencumbered Borrowing Base Properties an individual Encumbered Property for the preceding two (2) four fiscal quarters most recently ended multiplied divided by 1.40 by (b) two (2) Adjusted NOI = the sum of (a) NOI less (b) the Capital Expenditure Reserve for the Unencumbered Borrowing Base Properties 12. Attached hereto as Schedule 2 1.2 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 reasonably determined in good faith, be conclusive and binding absent manifest error. The In the event that the Borrower or any Approved Subsidiary shall have owned an Encumbered Property for less than four consecutive fiscal quarters, then for the purpose of determining the Debt Service Coverage Amount Amount, the Operating Cash Flow with respect to such Encumbered Property shall not be used annualized in determining such manner as the Borrowing Base except Agent shall reasonably determine. For the purpose of calculating Operating Cash Flow under this definition as provided to any Encumbered Property, the Operating Cash Flow Rental Adjustment shall be applied to any Encumbered Property affected by any of the events described in the definition thereofof Operating Cash Flow Rental Adjustment.