Loan Constant definition

Loan Constant means a fraction, expressed as a percentage, determined by dividing the Net Operating Income of the Property by the Loan Commitment at the time of determination.

Loan Constant means 11.33%.

Loan Constant means a rate equal to 8.75% per annum.

Examples of Loan Constant in a sentence

• The Amortizing Payments shall continue until such time as Lender determines that the Debt Service Coverage Ratio for the entire Portfolio is equal to or greater than 1.80 to 1.0 based on the Initial Loan Constant for the Loan of 7.29%.

• Notwithstanding the foregoing, Borrowers shall be deemed to have satisfied the requirements of this clause (v) even if the percentage of Gross Rents derived from the remaining Properties exceeds the applicable thresholds so long as, after giving effect to the Property Release, the Adjusted Loan Constant (as defined in and calculated in accordance with Exhibit K) is greater than or equal to the Minimum Applicable Loan Constant.

• For clarity, any sums on deposit in the NOI Deposit Account shall be disregarded for purposes of calculating the Loan Constant.

• Borrower shall be required to deliver all of the Free Cash Flow from the Property to Administrative Agent until such time as the Net Operating Income from the Property yields the Minimum Loan Constant, as evidenced by a Loan Constant Certificate delivered in accordance with Section 10.1(d).

• Thereafter, provided (i) no Default has occurred and is continuing hereunder and (ii) the Loan Constant is not less than the Loan Constant Requirement, Administrative Agent shall, at Borrowers’ request, disburse funds from the cash collateral account to the applicable Borrower to cover Administrative Agent-approved re-tenanting costs with respect to the premises on account of which the relevant Termination Payment was made.

More Definitions of Loan Constant

Loan Constant means, at any time, the sum of (x) the Spread plus (y) the then-applicable LIBOR Strike Rate.

Loan Constant the greater of (i) 7.98% (ii) the then current 10-Year U.S. Treasury Rate (as published by Bloomberg, L.P.) plus a spread of 110 basis points and assuming a thirty (30) year amortization, (iii) the actual loan constant or (iv) the then current loan constant applied by Lender in accordance with its then current underwriting policies and procedures for fixed rate conduit loans.

Loan Constant means nine percent (9%).

Loan Constant means 10.09%.

Loan Constant means, as any date of determination, the percentage determined by dividing Net Operating Income by the then current commitment amount.

Loan Constant means (a) 6.75% until the Maturity Date; (b) for each Extension Term, a rate per annum equal to the newly calculated LIBOR Strike Rate for such Extension Term plus the Margin.

Loan Constant shall have the meaning set forth in the Mortgage Loan Agreement.