In Place DSCR definition

In Place DSCR. With respect to any Mortgage Asset, as of any date of determination, the ratio of (x) (i) Net Cash Flow plus (ii) debt service reserves actually held back or funded into Seller controlled accounts subject to the Seller's exclusive dominion and control, plus (iii) at Buyer's sole discretion, third party credit enhancements, to (y) the debt service on the Mortgage Asset calculated using (i) the greater of (A) the required amortization for the first 12 months of the remaining term of the Mortgage Asset or (B) hypothetical 30-year amortization schedule for the first 12 months of the remaining term of the Mortgage Asset, and (ii) an interest rate equal to the actual interest rate (in the case of a fixed interest rate Eligible Asset) or the lesser of (i) the highest applicable strike price of any LIBOR cap contract for such 12-month period (plus the spread) or (ii) the average interest rate for such 12 month period using the applicable "forward LIBOR curve", plus 50 basis points over the spread.]
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In Place DSCR means, with respect to any Mortgage Asset, as of any date of determination, the ratio of (x) (i) Net Cash Flow plus (ii) debt service reserves actually held back or funded into Borrower controlled accounts subject to a Borrower’s exclusive dominion and control, plus (iii) at the Administrative Agent’s sole discretion, third party credit enhancements, including acceptable sponsor guarantees, to (y) the debt service on the Mortgage Asset calculated using the required amortization for the first 12 months of the remaining term of the Mortgage Asset and either (i) an interest rate equal to the actual interest rate (in the case of a fixed interest rate Eligible Asset) or (ii) the highest applicable strike price of any LIBOR cap contract for such 12-month period (plus the spread) (in the case of a variable interest rate Eligible Asset).
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In Place DSCR. The meaning specified in the Fee and Pricing Letter.
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More Definitions of In Place DSCR

In Place DSCR means, as of any date, for purposes of qualifying for an increase in the Maximum Loan Amount under Section 2.1(a), the ratio of (A) an amount equal to (i) the annual average scheduled income (rental and reimbursement) over the terms of those Leases of the Project which have been executed on or before such date of determination and the Tenants under which are projected to take occupancy and commence paying rent under such Leases at any time prior to a date twelve (12) months after such date of determination, provided, however, that if any such Tenant (or the direct or indirect holder of a majority of the ownership interests in such Tenant) is in bankruptcy as of such date of determination then such revenues shall be excluded from revenues for purposes of this clause minus (ii) one year of Pro Forma Operating Expenses to (B) the then-current Implied Annual Debt Service using the Maximum Loan Amount which Borrower is seeking to achieve.”
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In Place DSCR means the ratio of (X) the trailing actual 12-month net operating income of the Property, to (Y) actual debt service, including interest and, if applicable, principal payable during the DSCR test period. Net Operating Income will be adjusted to include (i) a vacancy factor equal to the greater of (x) 3% or (y) the actual vacancy percentage; (ii) management fees equal to 2%; and (iii) rental payment for the month of January, 2020 to be included in the initial test. For future renewals or new leases, any free rent period will not be included in the initial DSCR testing period as long as the free rent period is not greater than six (6) months and the term of the lease is not less than five (5) years.
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Related to In Place DSCR

  • Principal place of work means the fixed location to which an employee is required to report for employment duties on a regular and ordinary basis. If the employee is not required to report for employment duties on a regular and ordinary basis to a fixed location, "principal place of work" means the worksite location in this state to which the employee is required to report for employment duties on a regular and ordinary basis. If the employee is not required to report for employment duties on a regular and ordinary basis to a fixed location or worksite location, "principal place of work" means the location in this state at which the employee spends the greatest number of days in a calendar year performing services for or on behalf of the employee's employer.

  • Principal place of business means the head office or registered office of the organisation within which the principal financial functions and operational control of the activities referred to in this Regulation are exercised;

  • Place of Conversion has the meaning specified in Section 3.1.

  • Term Loan Conversion Date means the Termination Date on which all Revolving Credit Advances outstanding on such date are converted into a term loan pursuant to Section 2.06.

  • Judgment Conversion Date as defined in subsection 10.8(a).

  • Continuation/Conversion Date means the date on which a Loan is converted into or continued as a LIBOR Rate Loan.

  • LIBOR Banking Day has the meaning set forth in Section 2.10(b)(1).

  • Liquid Market means a market for a financial instrument or a class of financial instruments, where there are ready and willing buyers and sellers on a continuous basis, assessed in accordance with the following criteria, taking into consideration the specific market structures of the particular financial instrument or of the particular class of financial instruments:

  • Eurodollar Banking Day means any Banking Day on which dealings in Dollar deposits are conducted by and among banks in the Designated Eurodollar Market.

  • Approved Market means the Over-the-Counter Bulletin Board, the Nasdaq Stock Market, the New York Stock Exchange or the American Stock Exchange.

  • Relevant Exchange means the Relevant Exchange as specified in § 2 of the Product and Underlying Data.In the case of a material change in the market conditions at the Relevant Exchange, such as a final discontinuation of the quotation of the Underlying at the Relevant Exchange and the quotation at a different stock exchange or a considerably restricted number or liquidity, the Relevant Exchange shall be substituted as the Relevant Exchange by another exchange that offers satisfactorily liquid trading in the Underlying (the "Substitute Exchange"); such exchange shall be determined by the Calculation Agent acting in accordance with relevant market practice and in good faith. In this case, any reference to the Relevant Exchange in the Terms and Conditions of these Securities shall be deemed to refer to the Substitute Exchange.

  • Conversion/Continuation Date means the effective date of a continuation or conversion, as the case may be, as set forth in the applicable Conversion/Continuation Notice.

  • RFR Banking Day means any day specified as such in the Reference Rate Terms.

  • Optional Exchange means the exchange of the Certificates by the Trust for the Underlying Securities pursuant to Section 7(a) hereof.

  • Judgment Currency Conversion Date shall have the meaning assigned to such term in Section 11.18(a).

  • Conversion Date shall have the meaning set forth in Section 4(a).

  • Off-Peak Hours means those hours which are not On-Peak Hours.

  • Principal Exchange means, in respect of a Share, any stock exchange or quotation system on which such Share is listed. As of the date of this Information Statement, the Principal Exchange for each Share is as set forth under "Summary Information Regarding the Companies".