Permanent Loan Estimate means, as of any date of determination and with respect to any Collateral Property, an amount equal to (a) the Net Operating Income of such Collateral Property divided by (b) the product of (i) 1.25 and (ii) the mortgage constant for a 25-year loan bearing interest at a per annum rate equal to the average rate published in the United States Federal Reserve Statistical Release (1-1.15) for 10-year Treasury Constant Maturities during the previous four fiscal quarters plus 1.5%.
Permanent Loan Estimate means, as of any date and with respect to any Project included in the Borrowing Base, an amount equal to the quotient of (a) an amount equal to the aggregate Net Operating Income of such Project for the immediately preceding twelve (12) month period divided by (b) the product of (i) 1.25 and (ii) the percent of a principal amount of a loan required to be paid each year in order to repay the principal amount of such loan in full based on a twenty-five (25) year amortization, and to pay the amount of interest due at each installment, utilizing a rate of interest equal to 1.5% in excess of the average of the rates published during the four fiscal quarters ending on or most recently prior to such date in the United States Federal Reserve Statistical Release (H.15) for 10-year Treasury Constant Maturities, in equal monthly installments of principal and interest.
Permanent Loan Estimate. For any period of determination, a determination by Agent of a hypothetical principal amount of indebtedness, calculated on a monthly basis, which Borrower could incur assuming (i) payments of annual debt service equal to Unencumbered Adjusted EBITDA measured with respect to the Approved Assets divided by 1.35, (ii) an interest rate equal to the greater of (a) two and one-quarter percent (2.25%) in excess of the then-current annual yield on ten-year United States Treasury obligations issued most recently prior to such date and (b) seven and three-quarters percent (7.75%), and (iii) a twenty five (25) year principal amortization schedule. Person: Any natural person, corporation, limited liability company, partnership (general or limited), limited liability partnership, joint venture, firm, association, trust, unincorporated organization, government or governmental agency or political subdivision or any other entity, whether acting in an individual, fiduciary or other capacity.
Examples of Permanent Loan Estimate in a sentence
The definition of Permanent Loan Estimate is hereby amended by deleting the term “25-year” therefrom and inserting the term “30-year” in lieu thereof.
The Permanent Loan Estimate (using Unencumbered Adjusted EBITDA for the previous four (4) quarters) for such Approved Assets.
Each of the operating summaries pertaining to each of the Properties then included in calculations of the Borrowing Base Value delivered by the Borrower to the Administrative Agent in accordance with Section 9.4.(c) fairly presents the Net Operating Income and Permanent Loan Estimate of each such Property for the period then ended.
More Definitions of Permanent Loan Estimate
Permanent Loan Estimate means, (a) as to any Borrowing Base Stabilized Property, an amount equal to 80% of the Net Operating Income of such Property for the annualized six month period immediately preceding the date of determination, divided by the constant annual percentage which would be applicable to a loan payable in equal annual payments of principal and interest over 25 years bearing interest at a fixed rate equal to the greater of (1) 2.25% in excess of the yield on the date such Permanent Loan Estimate is calculated for seven year United States Treasury Notes, and (2) 8.00%; and (b) as to any Borrowing Base Development Property, an amount equal to 80% of the Net Operating Income of the Property, calculated using the first year of stabilized Net Operating Income as projected in the Appraisal of such Property (or as otherwise determined by the Supermajority Lenders), divided by the constant annual percentage which would be applicable to a loan payable in equal annual payments of principal and interest over 25 years at a fixed rate equal to the greater of (1) 2.25% in excess of the yield on the date such Permanent Loan Estimate is calculated for seven year United States Treasury Notes, and (2) 8.00%. Upon the earlier of (A) 24 months after construction commences at a Borrowing Base Development Property or (B) the Borrowing Base Development Property attains a 50% level of occupancy, if the Property has not achieved 90% of the stabilized gross revenues (before application of a vacancy factor) projected for the first year in the Appraisal (calculated on an annualized basis adjusted for a 50% level of occupancy and excluding any construction period discounts disclosed in the Lease-Up Projections), then the projected stabilized gross revenues (before application of a vacancy factor) used to calculate the Permanent Loan Estimate for the Property shall be adjusted downward, by an amount determined by Agent; provided, however, that the Maximum Loan Amount shall not be increased by application of this provision.
Permanent Loan Estimate means, as of any date and with respect to any Property, an amount equal to (a) the Net Operating Income of such Property for the immediately preceding four fiscal quarters of the Borrower (or in the case of a Construction Property (or Property being considered as a Construction Property), the Net Operating Income for such Property used in the applicable Appraisal to determine the "stabilized value" of such Property for the first year of stabilization) divided by (b) the product of (i) 1.3 and (ii) the percent of a principal amount of a loan required to be paid each year in order to repay the principal amount of such loan in full based on a 25-year amortization, and to pay the amount of interest due at each installment, utilizing a rate of interest equal to the greater of (x) the rate most recently published in the United States Federal Reserve Statistical Release (H.15) for 10-year Treasury Constant Maturities plus 2.0% or (y) 8.50%, in equal monthly installments of principal and interest. For any Property which is a Borrowing Base Property or Construction Property, only Net Operating Income from Approved Leases shall be considered in determining the Permanent Loan Estimate. When determining the Permanent Loan Estimate of any Property that has been included in calculations of the Borrowing Base for less than four complete fiscal quarters of the Borrower, the Property's Net Operating Income for the Borrower's fiscal quarter most recently ending prior to such inclusion and any subsequent complete fiscal quarters, appropriately annualized, shall be used in the preceding clause (a).
Permanent Loan Estimate. For any period of determination, a determination by Agent of a hypothetical principal amount of indebtedness which Borrower could incur assuming (i) payments of annual debt service equal to Unencumbered Adjusted EBITDA measured with respect to the Approved Assets divided by 1.35, (ii) an interest rate equal to the greater of (a) two and one-quarter percent (2.25%) in excess of the then-current annual yield on ten-year United States Treasury obligations issued most recently prior to such date and (b) seven and three-quarters percent (7.75%), and (iii) a twenty five (25) year principal amortization schedule.
Permanent Loan Estimate means, as of any date of determination and with respect to any Property, an amount equal to (a) the Net Operating Income of such Property divided by (b) the product of (i) 1.35 and (ii) the percent of a principal amount of a loan required to be paid each year in order to repay the principal amount of such loan in full based on a 30-year amortization, and to pay the amount of interest due at each installment, utilizing a rate of interest equal to the greatest of (x) the average of rate published in the United States Federal Reserve Statistical Release (H.15) for 10-year Treasury Constant Maturities on the last day of the most recent four (4) quarters plus one and three-quarters percent (1.75%), (y) seven and one-half percent (7.50%) or (z) the average of the one-month LIBOR as of the last day of the most recent four (4) quarters plus Borrower's then-current Applicable Margin as of the date such determination is made.
Permanent Loan Estimate. For any period of determination, a ----------------------- determination by Agent of a hypothetical principal amount of indebtedness which Borrower could incur assuming (i) payments of annual debt service equal to Unencumbered Adjusted EBITDA measured with respect to the Approved Assets only divided by 1.50, (ii) an interest rate equal to two and one- quarter percent (2.25%) in excess of the then-current annual yield on ten- year United States Treasury obligations issued most recently prior to such date and (iii) a twenty five (25) year principal amortization schedule. Revolving Commitment Amount: Seventy Million and No/100ths Dollars --------------------------- ($70,000,000.00).
Permanent Loan Estimate means, as of any date of determination and with respect to any Collateral Property, an amount equal to (a) the trailing twelve (12) month Net Operating Income [which in this instance shall include a four percent (4%) management fee in lieu of a three percent (3%) management fee] of such Collateral Property, divided by (b) the product of (i) 1.30 and (ii) the mortgage constant for a 25-year loan bearing interest at a per annum rate equal to the greater of: (aa) the average rate published in the United States Federal Reserve Statistical Release (H.15) for 10-year Treasury Constant Maturities during the previous four fiscal quarters plus 2.50% ; or (ab) 7.25%.