Pool Interest Coverage Ratio. As of any date of calculation, the ratio of (a) Net Operating Income from the Collateral Properties to (b) the greater of (i) interest actually due and payable on the Loans and (ii) interest that would have been due and payable on the Loans if calculated assuming a LIBOR or Base Rate (as applicable) of 1.75% per annum plus the Applicable Margin, in each case, during the most-recently ended two (2) consecutive quarters, annualized. For the purpose of calculating Pool Interest Coverage Ratio, Net Operating Income shall only include (i) with respect to any Ground Leased Property, Ground Leased Rent payments received in cash during the most-recently ended two (2) consecutive quarters and (ii) actual Net Operating Income from each Mortgaged Property, including Non-Stabilized Mortgaged Properties. For purposes of this definition, the Net Operating Income from Collateral Properties that have been owned for less than two (2) full fiscal quarters will be calculated as agreed by the Agent.
Pool Interest Coverage Ratio. (the ratio of (A) Net Operating Income from the Collateral Properties to (B) the interest actually due and payable on the Loans): _________
(B) Net Operating Income (see attached) Actual interest due and payable on the Loans (see attached)*** Pool Interest Coverage Ratio [Ratio of (A) to (B)] ______________ ______________ ______________ *** calculated solely on the actual interest expense hereunder and without giving effect to the adjusted interest calculation under clause (b)(ii) of the definition of Pool Interest Coverage Ratio. Borrowing Base Availability (the lesser of (a) and (b)): _____________
Pool Interest Coverage Ratio. Ratio of (Total (A)) to (B): ________ Net Operating Income***
(A) Collateral Properties _________ _________ Total NOI for Collateral Properties (A): _________
(B) Actual interest due and payable on the Loans: _________ Required Pool Interest Coverage Ratio of at least 1.6 to 1.0 ***only include (i) with respect to any Ground Leased Property, Ground Leased Rent payments received in cash during the most-recently ended two (2) consecutive quarters and (ii) actual Net Operating Income from each Mortgaged Property, including Non-Stabilized Mortgaged Properties. For purposes of this definition, the Net Operating Income from Collateral Properties that have been owned for less than two (2) full fiscal quarters will be calculated as agreed by the Agent. KeyBank National Association, as Agent 000 Xxxxxxxx Xxxxxx Xxxxxx, Xxxxxxxxxxxxx 00000 Attn: Xx. Xxxxxxxxxxx X. Neil Ladies and Gentlemen: Reference is made to the Amended and Restated Credit Agreement dated as of March 6, 2020 (as the same may hereafter be amended, the “Credit Agreement”) by and among BLUEROCK RESIDENTIAL HOLDINGS, L.P, a Delaware limited partnership (“Parent Borrower”), BLUEROCK RESIDENTIAL GROWTH REIT, INC. (“REIT Guarantor”), and the Subsidiary Credit Parties, KeyBank National Association for itself and as Agent, and the other Lenders from time to time party thereto. Terms defined in the Credit Agreement and not otherwise defined herein are used herein as defined in the Credit Agreement. Pursuant to the Credit Agreement, REIT Guarantor is furnishing to you herewith (or have most recently furnished to you) the consolidated financial statements of Guarantor for the most recently available quarter end (the “Balance Sheet Date”). Such financial statements have been prepared in accordance with GAAP and present fairly the Consolidated financial position in all material respects of REIT Guarantor at the date thereof and the results of its operations for the periods covered thereby. This certificate is submitted in compliance with requirements of §2.11(d), §5.4(b), §7.4(c), §10.12 or §11.3 of the Credit Agreement. If this certificate is provided under a provision other than §7.4(c), the calculations provided below are made using the Consolidated financial statements of REIT Guarantor as of the Balance Sheet Date adjusted in the best good faith estimate of REIT Guarantor to give effect to the making of a Loan, issuance of a Letter of Credit, acquisition or disposition of property or other event that occa...
