Mortgageability Amount definition
Mortgageability Amount means, with respect to any Borrowing Base Asset and as of any date of determination, the maximum principal amount of a mortgage loan that would be available to be borrowed against such Borrowing Base Asset assuming (a) an annual interest rate equal to the greater of (i) 7.00% and (ii) the then-applicable Treasury Rate plus 2.00%, (b) a 30-year amortization schedule and (c) a debt service coverage ratio on such loan of 1.50 to 1.00 (based on the most-recently calculated Mortgageability Cash Flow of such Borrowing Base Asset).
Mortgageability Amount means the product of (a) Unsecured Indebtedness of the Borrowers multiplied by (b) a debt constant based on a thirty (30) year, mortgage-style principal amortization at an interest rate equal to the greatest of (i) the 10 year Treasury ▇▇▇▇ yield plus 300 basis points, (ii) 7.50% and (iii) the one-month Eurodollar Rate plus the Eurodollar Rate margin specified in the Applicable Rate as of the last day of the most recent calendar quarter.
Mortgageability Amount means, the amount that provides debt service coverage equal to 1.50x where the debt service coverage calculation is based on the Adjusted Net Operating Income attributable to all UAP Properties on an aggregate basis for the prior fiscal quarter multiplied by four (4), as underwritten by the Administrative Agent assuming debt service based on a thirty (30) year, mortgage-style principal amortization at an interest rate equal to the greatest of (a) the 10 year Treasury ▇▇▇▇ yield plus 300 basis points, (b) 7.50% and (c) the one-month LIBOR interest rate plus the Applicable Rate for Eurodollar Loans as of the last day of the most recent calendar quarter.
Examples of Mortgageability Amount in a sentence
Permit the Consolidated Unsecured Indebtedness, as of the last day of any fiscal quarter of the Parent Guarantor, to be greater than the Mortgageability Amount as of such date.
The ratio of Borrowing Base NOI to the Mortgageability Amount shall not be less than 1.50 to 1.00 as of the last day of each fiscal quarter.
After giving effect to the proposed substitution, the Total Borrowing Outstandings shall not exceed the least of (x) the Borrowing Base Amount at such time, (y) the Mortgageability Amount at such time and (z) the Aggregate Commitments at such time.
Subsequent to a Borrowing Base Termination Event, permit as of the last day of any fiscal quarter of the Consolidated Group, the ratio of (i) Unencumbered NOI, for the most recently ended four fiscal quarter period, to (ii) Mortgageability Amount to be less than 1.50 to 1.00 or, for a period of four consecutive fiscal quarters following a Material Acquisition, 1.45 to 1.00.
The lesser of (i) the Borrowing Base Amount and (ii) the Mortgageability Amount to be $130,000,000 or greater.
More Definitions of Mortgageability Amount
Mortgageability Amount means, as of any date, the maximum amount of Total Outstandings that could be outstanding on such date such that the ratio of (i) Aggregate Mortgageability Cash Flow on such date to (ii) the Implied Debt Service of such Total Outstandings would equal or exceed 1.50 to 1.00.
Mortgageability Amount means the maximum amount of principal of Loans that would result in the ratio of (a) Unencumbered Borrowing Base NOI to (b) the product of (i) such maximum amount of principal of Loans times (ii) the Applicable Mortgage Constant equal to 1.50 to 1.0.
Mortgageability Amount means, as of any date of calculation, the maximum principal amount which can be supported by the Mortgageability Cash Flow, assuming a 25-year amortization and an interest rate which is the greater of the 10-Year Treasury Rate + 3.50% or 8.0% and minimum 1.65x debt service coverage (as calculated by the Principal Borrower, subject to review and approval by the Administrative Agent (such approval to be granted or withheld in its reasonable discretion)).
Mortgageability Amount means, as of any date, an amount equal to the sum of (i) the Hotel Property Mortgageabilty Amount on such date, plus (ii) the Non-Hotel Property Mortgageability Amount on such date.
Mortgageability Amount means the maximum amount of principal of Loans that would result in a Debt Service Coverage Ratio equal to 1.50 to 1.0. For purposes of determining the “Mortgageability Amount”, (i) no more than twenty percent (20%) of the Mortgageability Amount shall be attributable to any single Borrowing Base Property, (ii) no more than fifteen percent (15%) of the Borrowing Base NOI may be from a single tenant, with any excess over such limit being deducted from the Borrowing Base NOI, and (iii) no more than fifteen percent (15%) of the Mortgageability Amount shall be attributable to Borrowing Base Properties that are ground leased pursuant to Acceptable Ground Leases.
Mortgageability Amount means, with respect to the Borrowing Base Assets, the sum of the principal amounts of a mortgage loan that would be available to be borrowed against each Borrowing Base Asset (or with respect to the Prime Care Lease, the amount of a mortgage loan that would be available to be borrowed against the Prime Care Lease) assuming (i) an annual interest rate of 9.00%, (ii) a 30-year amortization schedule and (iii) a debt service coverage ratio requirement of 1.50 to 1.00 (determined by annualizing the Net Revenues for such Borrowing Base Asset for the most recently completed quarterly accounting period).
Mortgageability Amount means the product of (a) Unsecured Indebtedness as of the date of such calculation, in each case, multiplied by (b) a debt constant based on a thirty (30) year, mortgage-style principal amortization at an interest rate equal to the greatest of (i) the 10 year Treasury ▇▇▇▇ yield plus 250 basis points, (ii) 6.50% and (iii) the rate per annum equal to LIBOR, at approximately 11:00 a.m., London time, determined two Business Days prior to such date for Dollar deposits with a term of one month commencing that date plus the Applicable Rate for Eurodollar Rate Loans as of the last day of the most recent calendar quarter.