Borrowing Base Debt Service Coverage Ratio means, at any date of determination for any fiscal period, the ratio of (a) the aggregate Adjusted Net Operating Income for all Borrowing Base Assets for such fiscal period to (b) the payments that would have been required to be made for such fiscal period on an assumed Debt in an aggregate principal amount equal to all unsecured Consolidated Debt of the Parent Guarantor and its Subsidiaries then outstanding (including, without limitation, the Facility Exposure) applying a 30-year amortization schedule with an interest rate equal to 7.0% per annum; provided, however, that for the purposes of calculating the Facility Available Amount, the Adjusted Net Operating Income for each Recently Developed Asset and Recently Redeveloped Asset shall be deemed to equal zero.
Borrowing Base Debt Service Coverage Ratio means, as of any determination date, the ratio of (a) the aggregate Net Operating Income of all of the Qualified Assets included in the calculation of the Aggregate Borrowing Base Asset Value (as determined by reference to the most recent financial statements delivered to the Administrative Agent on or prior to such date), divided by (b) Implied Debt Service.
Borrowing Base Debt Service Coverage Ratio as of the last day of any Reference Period, the ratio of (a) an amount equal to the Applicable EBITDA attributable to all Qualified Assets for such Reference Period to (b) the Interest Expense for such Reference Period attributable to Total Unsecured Indebtedness.
Examples of Borrowing Base Debt Service Coverage Ratio in a sentence
Maintain as of each Test Date, a Borrowing Base Debt Service Coverage Ratio of not less than 1.50:1.00.
Permit the Borrowing Base Debt Service Coverage Ratio for any Reference Period to be less than 2.00 to 1.00.
The information contained in Schedule I of this certificate and the attached information supporting the calculation of the Facility Available Amount, Total Borrowing Base Value, and Borrowing Base Debt Service Coverage Ratio is true, complete and correct as of the close of business on , 20 (the “Calculation Date”) and has been prepared in accordance with the provisions of the Credit Agreement.
Maintain at all times a Borrowing Base Debt Service Coverage Ratio of not less than 1.50:1.00.
The Borrower will not at any time permit the Borrowing Base Debt Service Coverage Ratio to be less than or equal to 2.00 to 1.00.
More Definitions of Borrowing Base Debt Service Coverage Ratio
Borrowing Base Debt Service Coverage Ratio means, at any date of determination, the ratio of (a) the aggregate Adjusted Net Operating Income for all Borrowing Base Assets to (b) the payments that would be required to be made over a twelve month period on an assumed Debt in an aggregate principal amount equal to the Facility Exposure at such date, assuming a thirty year amortization schedule, level payments of interest and applying an interest rate equal to the greater of (i) 7.50% per annum and (ii) the rate per annum at such date for 10-year United States Treasury Securities plus the Applicable Margin in respect of Eurodollar Rate Advances.
Borrowing Base Debt Service Coverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) the aggregate annualized Net Operating Income attributable to then-current Eligible Unencumbered Pool Properties included in the Unencumbered Pool, calculated based on the period of two (2) fiscal quarters most recently ended for which financial results of Parent have been reported (including, with respect to Unencumbered Pool Properties acquired during the immediately preceding two (2) fiscal quarters, either (A) the NOI of such properties for the two (2) fiscal quarters most recently ended or (B) the NOI of such properties for the period such properties have been owned by Borrower or a Guarantor, annualized in a manner acceptable to Agent to provide two (2) fiscal quarters of NOI), minus (ii) annualized Capital Reserves in respect of the Unencumbered Pool Properties, calculated based on the period of two (2) fiscal quarters most recently ended, divided by (b) the Implied Debt Service.
Borrowing Base Debt Service Coverage Ratio means, at any date of determination, the ratio of (a) the aggregate Adjusted Net Operating Income for all Borrowing Base Assets to (b) the annual debt service payments that would have been required to be made for the same consecutive four fiscal quarter period on an assumed Debt in an aggregate principal amount equal to the Facility Exposure applying a 30-year amortization schedule with a coupon equal to the greatest of (x) the one-month Eurodollar Rate (or the applicable successor benchmark rate) plus 2.50% per annum, (y) the rate per annum on 10 year United States Treasury Securities plus 2.50% per annum, or (z) 7.50% per annum.
Borrowing Base Debt Service Coverage Ratio in Section 1.01 of the 2019 Term Loan Agreement is hereby amended to replace the words “(including, without limitation, the Facility Exposure)” with the words “(including, without limitation, the Facility Exposure and the Facility Exposure (under and as defined in the loan documentation for the Other Facilities) whether or not, in each case, the same constitute unsecured Debt)”.
Borrowing Base Debt Service Coverage Ratio means, as of any date of determination, the ratio of (a) the aggregate Adjusted Borrowing Base NOI with respect to the Borrowing Base Properties for the quarter most-recently ended for which financial statements are available divided by (b) pro forma annual debt service on an amount equal to the sum of (x) Total Outstandings plus (y) Total Revolver Outstandings plus (z) the aggregate unsecured Indebtedness (other than the Incentive Listing Fee Note) of the Consolidated Group assuming a twenty five (25) year amortization and an interest rate equal to the greater of (i) seven percent (7.0%) per annum, or (ii) the sum of (A) the most-recent rate published on such date in the United States Federal Reserve Statistical Release (H.15) for ten (10) year Treasury Constant Maturities plus (B) three percent (3.0%).
Borrowing Base Debt Service Coverage Ratio means, as of any date of determination, the ratio of (a) the aggregate Adjusted Borrowing Base NOT with respect to the Borrowing Base Properties plus, for as long as the Equity Interest in the Home Depot Property are pledged to the Administrative Agent hereunder, the Home Depot Property, for the quarter most-recently ended for which financial statements are available divided by (b) pro forma annual debt service on an amount equal to Total Outstandings plus for as long as the Equity Interest in the Home Depot Property are pledged to the Administrative Agent hereunder, the outstanding balance of the Home Depot Debt, assuming a twenty five (25) year amortization and an interest rate equal to the greater of (i) seven percent (7.0%) per annum, or (ii) the sum of (A) the most-recent rate published on such date in the United States Federal Reserve Statistical Release (H. 15) for ten (10) year Treasury Constant Maturities plus (B) three percent (3.0%).
Borrowing Base Debt Service Coverage Ratio as of any date of determination, the ratio of (a) the EBITDA of all Qualified Assets as of such date to (b) the Interest Expense as of such date.