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.]
In Place DSCR. The meaning specified in the Fee and Pricing Letter.
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.”
More Definitions of In Place DSCR
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.
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).