Facility Debt Service definition

Facility Debt Service means, as of any specified date, the sum of:

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Facility Debt Service does not include any amounts payable by reason of involuntary prepayments or the acceleration of such indebtedness for any reason.

Facility Debt Service means, as of any date, for all purposes other than determining the Strike Rate, the sum of the amount of interest and principal amortization that would be payable during the applicable period determined by Lender immediately succeeding the date of determination, except that:

Examples of Facility Debt Service in a sentence

Within the Bond Fund, the Trustee shall establish and maintain a separate account designated as the "Credit Facility Debt Service Account".
In making payments of principal of, premium, if any, and interest on the Bonds, the Trustee shall (a) first use all amounts held in the Credit Facility Debt Service Account, (b) then use all other Available Amounts held in the Bond Fund, and (c) then use any other Revenues received by the Trustee.
Except to the extent payments under any Credit Facility provided with respect to the Bonds are to be deposited in the Credit Facility Purchase Account in the Bond Purchase Fund pursuant to Section IV.4.10 hereof or are to be deposited in an escrow to effect the defeasance of Bonds pursuant to Article X hereof, such payments shall be deposited in the Credit Facility Debt Service Account to pay principal of, premium, if any and interest on the Bonds.
All payments to be made by a Sponsor or, as the case may be, a Subordinated Loan Creditor under this Clause 6 shall be made no later than the due date for the relevant payments to the relevant Debt Service Account or, following the occurrence of an Event of Default which is continuing, as the Intercreditor Agent or the Offshore Security Trustee and Agent may from time to time direct, provided that in each case, such proceeds may be applied only towards meeting Facility Debt Service.
As of the last day of each Fiscal Quarter of the Borrower, the Borrower shall not permit the ratio of Eligible Property NOI to the sum of (i) Unsecured Debt Service with respect to indebtedness that is pari passu in rank to the indebtedness under the Credit Agreement, plus (ii) Credit Facility Debt Service, to be less than 2.25 to 1.0.

More Definitions of Facility Debt Service

Facility Debt Service means, as of any specified date, the amount of interest and principal amortization, during the 12 month period immediately succeeding the specified date, with respect to the DMBS Loans Outstanding on the specified date, except that, for these purposes, each DMBS Loan shall be deemed to require level monthly payments of principal and interest (at the Coupon Rate for the DMBS Loan) in an amount necessary to fully amortize the original principal amount of the DMBS Loan over the Amortization Period, with such amortization deemed to commence on the first day of the 12 month period;

Facility Debt Service means scheduled payments of the principal and interest with respect to:

Facility Debt Service means, for the purposes of this Agreement, the sum of (i) the Hedge Adjusted Interest Due, (ii) the amounts, if any, payable under Section 2.5.5, (iii) the Credit Enhancement Fee payable under Section 4.5.3, and (iv) the first twelve (12) principal payments based on the amortization of the then outstanding principal balance of the Loan utilizing a thirty (30) year fully amortizing schedule and level monthly payments, and using a coupon rate equal to the quotient resulting from dividing the Hedge Adjusted Interest Due by the then outstanding principal balance of the Loan. The Hedge Adjusted Interest Due and Facility Debt Service shall be annualized at the time of determination notwithstanding the duration of any Interest Period or the duration of any Qualifying Rate Cap Agreement or Qualifying Rate Swap Agreement. Facility Debt Service shall be recalculated (a) as of each Loan Request, (b) as of each Renewal Request, or deemed renewal under Section 3.3.3, (c) on or before July 1 of each calendar year during the term of this Agreement, commencing on or about July 1, 2007, (d) as of each addition or deletion of a property to or from the Collateral Pool, (e) as of each repayment of any principal portion of the Loan, (f) upon the expiration termination, replacement, or other modification of any Qualifying Rate Cap Agreement or Qualifying Rate Swap Agreement, and (g) upon the occurrence of a Material Adverse Change. The calculation of Facility Debt Service is made for purposes of computing the Facility Debt Service Coverage Ratio and for other purposes under this Agreement and not for purposes of calculating the interest payable hereunder or under the Revolving Credit Note. The interest payable under the Revolving Credit Note and this Agreement is payable at the rates and at the times provided in Section 3 and Section 4 hereof.

Facility Debt Service means — For use in determining the Aggregate Debt Service Coverage Ratio, for purposes of determining compliance with the Coverage and LTV Tests, and in connection with the underwriting of any substitution, release or conversion, the sum of: the amount of interest and principal amortization, during the twelve (12) month period immediately succeeding the specified date, with respect to the amount of the Term Loan Outstanding and Supplemental Loan Outstanding (if any) on the specified date, except that, for these purposes:

Facility Debt Service means the aggregate of:

Facility Debt Service set forth in Schedule 1 to the Master Agreement is hereby amended and restated in its entirety as follows:

Facility Debt Service means, for the purposes of this Agreement, the sum of (i) the interest due on the Loan hereunder and under the Revolving Credit Note, including any default interest, provided that in no event shall the Reference BillsSM Rate (or LIBO Rate, as the case may be) for purposes of this determination be less than two (2%) percent, (ii) an amount equal to one hundred basis points (.01) of the then outstanding amount of the Loan, and (iii) the amounts payable under SECTION 2.4.5 but exclusive of any voluntary or mandatory principal prepayments allowed or required hereunder. Facility Debt Service shall be annualized at the time of determination based on the interest rate then accruing under all outstanding Borrowing Tranches, notwithstanding the duration of any Interest Period. Facility Debt Service shall be recalculated (a) as of each Loan Request, (b) as of each Renewal Request, or deemed renewal under SECTION 3.3.3, (c) on or before August 31st of each calendar year during the term of this Agreement, commencing on or about ▇▇▇▇▇▇ ▇▇, ▇▇▇▇, (▇) as of each addition or deletion of a property to or from the Collateral Pool and (e) as of each repayment of any principal portion of the Loan.