Mortgage Constant definition

Mortgage Constant means the annual debt service amount per dollar of mortgage loan, including both principal and interest payments.

Mortgage Constant means, as of any date of determination, the annual factor determined by the Administrative Agent by reference to a standard level constant payment table for a fully amortizing loan with a maturity of 30 years based upon an assumed per annum interest rate equal to the greatest of (i) the ten-year US Treasury rate plus 2.50%, (ii) 5.75%, and (iii) the weighted average interest rate then application to the outstanding Loans.

Mortgage Constant means, as of any date of determination, the monthly factor determined by the Administrative Agent by reference to a standard level constant payment table for a fully amortizing loan with a maturity of 25 years based upon an assumed per annum interest rate equal to the greatest of (i) the ten-year U.S. Treasury rate plus 3.5%, (ii) 7.0% and (iii) the weighted average interest rate then applicable to the Advances outstanding under the Facility.

Examples of Mortgage Constant in a sentence

• Notwithstanding the foregoing, to the extent such excess was caused by a change in the Applicable Mortgage Constant and the Applicable Mortgage Constant exceeds 14% for 14 consecutive days, then, until the date that the Applicable Mortgage Constant falls below 14%, the Applicable Mortgage Constant for purposes of this Section shall be deemed to be an average of the Applicable Mortgage Constant for each day determined for the 30 day period ending on such date of determination.

• As at any date of determination, an amount equal to (a) the average amount of Consolidated Borrowing Base Indebtedness outstanding during the applicable period, multiplied by (b) the Mortgage Constant.

• As of any date of determination, an amount equal to (i) the average amount of Unsecured Consolidated Total Indebtedness outstanding during the applicable period, multiplied by (ii) the Mortgage Constant.

• Using the above data, the overall rate by the debt coverage ratio formula is estimated as follows: DCR LV MC OAR 1.20 80% .0966 = .0927 or 9.27% DCR = Debt Coverage Ratio LV = Loan to Value Ratio MC = Annualized Mortgage Constant OAR = Overall Capitalization Rate The three techniques indicate overall capitalization rates for the subject at 9.25%, 9.13% and 9.27% respectively.

• Assumptions Mortgage Constant: (8.50%, 25 years) 0.096627 Equity Dividend Rate: 0.07 Mortgage 0.80 x 0.096627 = 0.07730 Equity 0.20 x 0.070000 = 0.01400 ------- 0.09330 Rounded 9.13% DEBT COVERAGE RATIO Another way of estimating an overall capitalization rate is by using the typical debt service coverage ratio required by lenders and multiplying this figure by the loan to value ratio and then by the mortgage constant.

More Definitions of Mortgage Constant

Mortgage Constant means a mortgage constant of 10.07%, as such mortgage constant may be adjusted from time to time in Lender's reasonable judgment based upon Lender's then current permanent loan underwriting criteria for projects comparable to the Properties.

Mortgage Constant means the greater of (a) a debt constant based on the then current 10-year Treasury Bond as of the date of determination, plus 2.00%, or (b) 7.00%, and a 25-year amortization schedule.

Mortgage Constant means, as of any date of determination, the greater of (i) the weighted average interest rate then applicable to the Revolving Loans outstanding under this Agreement and (ii) 7.0%.

Mortgage Constant means ten percent (10%) per annum with respect to any Mortgage Loan.

Mortgage Constant means, as of any date of determination, a rate equal to the sum of (a) the Treasury Rate for such date, plus (b) two hundred (200) basis points, as amortized monthly pursuant to a twenty-five (25)-year amortization schedule. For example purposes only, if the applicable Treasury Rate was six percent (6%), after adding two hundred (200) basis points and applying the twenty-five (25)-year amortization schedule, the Mortgage Constant would be ninety-two thousand six hundred and eighteen one millionths (0.092618).

Mortgage Constant means the greater of (a) a debt constant based on the then current 10-year Treasury Bond as of the date of determination, plus 2.00%, or

Mortgage Constant means, as of any date of determination, a rate equal to the sum of (a) the Treasury Rate for such date, plus (b) two hundred