Debt Service on the Loan definition

Debt Service on the Loan means the actual principal and interest paid or payable under the Loan during the Calculation Period.
Sample 1
Debt Service on the Loan means the higher of: (i) the actual principal and interest paid or payable under the Loan during the Calculation Period, or (ii) the payments of principal and interest that would have been payable under an assumed loan during the Calculation Period in an amount equal to the outstanding principal balance of the Loan at the inception of the relevant Calculation Period bearing interest at the Deemed Rate of Interest payable on a direct reduction basis over twenty-five (25) years.
Sample 1
Debt Service on the Loan means the higher of: (i) the actual principal and interest paid or payable under the Loan during the Calculation Period, or (ii) the payments of principal and interest that would have been payable under an assumed loan during the Calculation Period in an amount equal to the outstanding principal balance of the Loan at the inception of the relevant Calculation Period bearing interest at the Deemed Rate of Interest payable on a conventional mortgage amortization schedule over twenty-five (25) years. (vii) "Deemed Rate of Interest" shall mean an issued rate of interest equal to the rate of interest on United States Treasury Securities with a 10 year maturity plus 2.25%.
Sample 1

Examples of Debt Service on the Loan in a sentence

  • Any fees to Borrower, Guarantor, any of their respective affiliates, principals, partners, sureties or any related Person shall be subordinate to Debt Service on the Loan.

  • Advances from the Operating Reserve shall be for the sole purpose of paying a portion of the Debt Service on the Loan or net operating losses as shown on a monthly financial report for such Facility prepared in accordance with the requirements set forth in this Agreement, and certified by the Chief Financial Officer or Executive Vice President or President of the Guarantor.

  • Advances from the Operating Reserve shall be for the sole purpose of paying a portion of the Debt Service on the Loan or net operating losses as shown on a monthly financial report for such Facility prepared in accordance with the requirements set forth in the Financing Agreement, and certified by the Chief Financial Officer of the Borrower.

  • Advances from the Operating Reserve shall be for the sole purpose of paying a portion of the Debt Service on the Loan or net operating losses as shown on a monthly financial report for such Facility prepared in accordance with the requirements set forth in this Agreement, and certified by the chief financial officer of the applicable Borrower.

  • If at any time the amount of the Debt Service Funds shall exceed the amounts due for Debt Service on the Loan for the period beginning from such time through the Maturity Date, so long as no Event of Default shall then exist, Lender shall return any excess to Borrower.

  • Advances from the Operating Reserve shall be for the sole purpose of paying a portion of the Debt Service on the Loan or net operating losses as shown on a monthly financial report for such Facility prepared in accordance with the requirements set forth in the Financing Agreement, and certified by the Chief Financial Officer of the Guarantor.

  • The City will punctually pay or cause to be paid the Debt Service on the Loan when and as due in strict conformity with the terms hereof and thereof, and it will faithfully observe and perform all of the conditions covenants and requirements of this Loan Agreement and all Supplemental Agreements and of the Note.

  • If the funds on deposit in the Interest Reserve are insufficient to pay the monthly Debt Service on the Loan for the first 2 Interest Payment Dates, Borrower shall replenish the Interest Reserve by depositing an amount necessary, as determined by Lender in its sole and absolute discretion, to bring the amount on deposit in the Interest Reserve to that which is sufficient to make the monthly Debt Service on the Loan for the first 2 Interest Payment Dates.

  • Debt Service on the Loan and all other amounts due under this Agreement shall be payable solely from the Pledged Revenues in accordance with the terms hereof.

  • The Hotel Project Budget contains a line item designated as “Debt Service and Operating Deficits Reserve,” which represents the allocation of Loan proceeds for the payment of (A) accrued Debt Service on the Loan as and when due under the Note, (B) Carry Costs until the Operating Sufficiency Date, and (C) Rate Management Obligations (if applicable) when due from Borrower under a Rate Management Agreement (such allocation being the “Debt Service and Operating Deficits Reserve”).


More Definitions of Debt Service on the Loan

Debt Service on the Loan means the greater of (i) the outstanding principal balance of the Loan as of the Calculation Date multiplied by a constant of eight and one-half (8.5%) percent per annum or (ii) the projected payments of principal and interest for a twelve (12) month period calculated utilizing: (x) the outstanding principal balance of the Loan as of the Calculation Date, (y) that rate equal to the sum of (A) the 10-Year Treasury Rate (or if said 10-Year Treasury Rate at any time is less than five (5.00%) percent per annum, then the 10-Year Treasury Rate will be deemed to equal five (5.00%) percent per annum), plus (B) two and one-half (2.5%) percent per annum; and (z) an amortization schedule having a period of three hundred (300) months, all of the foregoing as determined solely by the Agent.
Sample 1
Debt Service on the Loan means in respect of compliance with the Debt Service Coverage covenant for each Calculation Period, the greater of (a) the payments of principal and interest payable during the Calculation Period under the Loan, after giving effect to any Interest Rate Protection Agreement entered into with respect to the Loan by the Borrower, or (b) a debt service constant of seven percent (7.00%) based on the outstanding principal balance of the Loan on the first date of the Calculation Period. Default as defined in Section 11.1. Default Rate as defined in Section 2.5.8. Dollars shall mean lawful money of the United States. DSCR as defined in Section 9.21.1. Effective LIBO Rate shall mean the per annum rate equal to the Adjusted LIBO Rate plus the Applicable Margin. Eligible Assignee shall mean:
Sample 1
Debt Service on the Loan means (a) if the interest rate under the Loans has been fixed for the duration of the Loans, the actual principal and interest paid or payable under the Loan during the Calculation Period, or (b) if the interest rate under the Loans is a floating rate, the higher of: (i) the actual principal and interest paid or payable under the Loans during the Calculation Period, or (ii) the payments of principal and interest that would have been payable under an assumed loan during the Calculation Period in an amount equal to the outstanding principal balance of the Loans at the inception of the relevant Calculation Period bearing interest at the Deemed Rate of Interest payable on a direct reduction basis over twenty (20) years.
Sample 1
Debt Service on the Loan means the higher of: (i) the actual principal and interest paid or payable under the Senior Loan during the Calculation Period, or (ii) the payments of principal and interest that would have been payable under an assumed loan during the Calculation Period in an amount equal to the outstanding principal balance of the Senior Loan at the inception of the relevant Calculation Period bearing interest at the Deemed Rate of Interest payable on a direct reduction basis over twenty-five (25) years; provided, that if in excess of 95% of the aggregate principal balance of the Senior Loan is subject to an interest rate swap agreement through the Maturity Date, the Debt Service on the Loan shall be determined by using the actual principal and interest payable under the Senior Loan during the Calculation Period after giving effect to the impact of such interest rate swap agreement.
Sample 1
Debt Service on the Loan means the actual payments of principal and/or interest paid or payable during the Calculation Period with respect the Loan. Default as defined in Section 10.1.
Sample 1
Debt Service on the Loan means the principal and interest payable under the Loan during the test period based upon the greater of: (i) the actual interest rate in effect under the Loan for the test period plus principal payments based upon a twenty (20) year amortization schedule, or (ii) the greater of (I) the rate for the ten (10) year United States Treasury obligations in amounts approximating the principal balance of the Loan during the test period plus one hundred eighty five (185) basis points, or (II) seven and one-half percent (7.5%) per annum, plus in the case of (I) and (II), principal payments based upon a twenty (20) year amortization schedule.
Sample 1

Related to Debt Service on the Loan

  • Debt Service means, with respect to any particular period of time, the scheduled principal and interest payments due under this Agreement and the Note.

  • Debt Service Charges means for any Measurement Period, the sum of (a) Consolidated Interest Charges paid or required to be paid for such Measurement Period, plus (b) principal payments made or required to be made on account of Indebtedness (excluding the Obligations and any Synthetic Lease Obligations but including, without limitation, Capital Lease Obligations) for such Measurement Period, in each case determined on a Consolidated basis in accordance with GAAP.

  • Annual Debt Service as of any date means the maximum amount which is expensed in any 12-month period for interest on Debt of the Company and its Subsidiaries, excluding amortization of debt discounts and deferred financing costs.

  • Pro Forma Debt Service means with respect to the Borrower and the Restricted Subsidiaries, on a consolidated basis, with respect to the next succeeding complete twelve (12) month period following the calculation date, and after giving effect to any Interest Rate Hedge Agreements and Eurodollar Advances, the amount of all (i) scheduled payments of principal on Indebtedness for Money Borrowed for such period (including imputed principal payments with respect to Capitalized Lease Obligations), determined on the basis of the aggregate amount of Indebtedness for Money Borrowed outstanding as of the date of calculation and giving effect to any mandatory reductions in the Commitments and the operation of the other terms of this Agreement (or other instruments or agreements governing Indebtedness for Money Borrowed) during such next succeeding twelve (12) month period, (ii) cash interest payable (including imputed interest with respect to Capitalized Lease Obligations) with respect to Indebtedness for Money Borrowed of such Persons, (iii) fees payable under this Agreement and the other Loan Documents (but specifically excluding fees paid during previous periods but amortized during such period in accordance with GAAP), and (iv) other payments (including fees) payable by such Persons during such period in respect of Indebtedness for Money Borrowed (other than voluntary prepayments under Section 2.7 hereof). For purposes of this definition, where interest payments for the twelve (12) month period immediately succeeding the calculation date are not fixed by way of Interest Rate Hedge Agreements, Eurodollar Advances, or otherwise for the entire period, interest shall be calculated on such Indebtedness for Money Borrowed for periods for which interest payments are not so fixed at the Eurodollar Basis (as determined on the date of calculation and based on the then current adjustment under Section 2.3(f) hereof) for a Eurodollar Advance having an Interest Period of twelve (12) months; provided, however, that if such Eurodollar Basis cannot be determined in the reasonable opinion of the Administrative Agent, such interest shall be calculated using the Base Rate Basis as then in effect.

  • Debt Service Reduction Mortgage Loan Any Mortgage Loan that became the subject of a Debt Service Reduction.

  • Lender PMI Loans Mortgage Loans with respect to which the lender rather than the borrower acquired the primary mortgage guaranty insurance and charged the related borrower an interest premium.

  • Total Debt Service means the sum of (i) scheduled or other required payments of principal on Indebtedness, and (ii) Interest Expense, in each case for such period.

  • Annual Debt Service Charge as of any date means the amount which is expensed in any 12-month period for interest on Debt of the Company and its Subsidiaries.

  • Debt Service Ratio means for any period the Modified Cash NOI for all consolidated and unconsolidated properties of the Operating Partnership based on its share (determined on a proportional ownership basis based upon the Operating Partnership’s ownership (direct or indirect) in each of its Subsidiaries and Joint Ventures) divided by Debt Service.

  • Maximum Annual Debt Service means the largest Annual Debt Service for any Bond Year after the calculation is made through the final maturity date of any Outstanding Bonds.

  • Default Loan has the meaning set forth in Section 3.02(b).

  • Debt Service Coverage Ratio means a ratio for the applicable period in which:

  • Debt Service Reserve means the reserve for payment of principal and interest on the Bonds, created and established by Sections 502 and 506 of the General Trust Indenture.

  • Subordinate Prepayment Percentage As to any Distribution Date, 100% minus the Senior Prepayment Percentage for such Distribution Date.

  • Administrative Advance shall have the meaning given thereto in the Lead Securitization Servicing Agreement.

  • Subordinated Lenders means the holders of Subordinated Debt.

  • Senior Debt to EBITDA Ratio means, for any Four Quarter Period, the ratio of Senior Debt as at the last day of the applicable Four Quarter Period to EBITDA in respect of such Four Quarter Period.

  • Subordinated Lender means each Seller, in its capacity as subordinated lender pursuant to the relevant Subordinated Loan Agreement.

  • Implied Debt Service means (a) a given principal balance of Indebtedness multiplied by (b) the greatest of (i) 10% per annum, (ii) the highest per annum interest rate then applicable to any of the outstanding principal balance of the Loans and (iii) a mortgage debt constant for a loan calculated using a per annum interest rate equal to the yield on a 10 year United States Treasury Note at such time as determined by the Administrative Agent plus 3.50% and amortizing in full in a 25-year period.

  • Lender PMI Mortgage Loan Certain Mortgage Loans as to which the lender (rather than the borrower) acquires the Primary Insurance Policy and charges the related borrower an interest premium.

  • Subordinated Prepayment Percentage As to any Distribution Date, 100% minus the Senior Prepayment Percentage for such Distribution Date.

  • Lender Default means (a) the refusal or failure (which has not been cured) of a Lender to make available its portion of any Borrowing or to fund its portion of any Unpaid Drawing under Section 3.4 that it is required to make hereunder, (b) a Lender having notified the Administrative Agent and/or the Borrower that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, (c) a Lender has failed to confirm (within one Business Day after a request for such confirmation is received by such Lender) in a manner reasonably satisfactory to the Administrative Agent, the Borrower and, in the case of a Revolving Credit Lender, each Revolving Letter of Credit Issuer that it will comply with its funding obligations under this Agreement, (d) a Lender being deemed insolvent or becoming the subject of a bankruptcy or insolvency proceeding or has admitted in writing that it is insolvent; provided that a Lender Default shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Stock in the applicable Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide the applicable Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit the applicable Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with the applicable Lender, or (e) a Lender that has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.

  • Revolving Loan Obligations means any Obligations with respect to the Revolving Loans (including without limitation, the principal thereof, the interest thereon, and the fees and expenses specifically related thereto).

  • Subordinate Lender means the person or entity named as such in the first paragraph of this Agreement and any other person or entity who becomes the legal holder of the Subordinate Note after the date of this Agreement.

  • Default Interest Period means for any overdue amount of the Withdrawn Loan Balance, each Interest Period during which such overdue amount remains unpaid; provided, however, that the first such Default Interest Period shall commence on the 31st day following the date on which such amount becomes overdue, and the final such Default Interest Period shall end on the date at which such amount is fully paid.”

  • Term Loan Obligations means the “Obligations” as defined in the Term Loan Credit Agreement.