Implied Mortgage Amount definition
Implied Mortgage Amount means, as of any date of determination, the quotient equal to (a) Adjusted NOI (b) divided by one and fifty one-hundredths (1.50), (c) divided by the Mortgage Constant for such date of determination.
Implied Mortgage Amount means, as of any date of determination with respect to the Borrowing Base Properties, an amount equal to the aggregate Net Operating Income for the Borrowing Base Properties divided by the product of (i) the Mortgage Constant, (ii) 12 and (iii) 1.30, in each case as determined from the Borrowing Base Certificate most recently delivered to the Administrative Agent pursuant to Section 5.03(d); provided that for purposes of calculating Net Operating Income for any Start-Up Student Housing Property, the Net Operating Income attributable to such Start-Up Student Housing Property shall be calculated on an annualized basis using the sum of (A) the actual historical results for the period that the Start-Up Student Housing Property was owned and operated by the Borrower or such Subsidiary Guarantor and (B) the proforma results, as approved by the Administrative Agent, for the future period necessary to achieve an annualized number.
Implied Mortgage Amount means, as of any date of determination with respect to the Borrowing Base Properties, an amount equal to the aggregate Net Operating Income for the Borrowing Base Properties divided by the product of (i) the Mortgage Constant, (ii) 12 and (iii) 1.35, in each case as determined from the Borrowing Base Certificate most recently delivered to the Administrative Agent pursuant to Section 5.03(d); provided that for purposes of calculating Net Operating Income for any Start-Up Student Housing Property not owned and operated by the Borrower or Subsidiary Guarantor for four (4) full fiscal quarters, the Net Operating Income attributable to such Start-Up Student Housing Property shall be calculated on an annualized basis using the sum of (A) the actual historical results for the period that the Start-Up Student Housing Property was owned and operated by the Borrower or such Subsidiary Guarantor and (B) the proforma results, as approved by the Administrative Agent, for the future period necessary to achieve an annualized number.