Property Debt Service definition

Property Debt Service means an amount equal to the greater of (a) the sum of (i) the amount of the Senior Loan multiplied by the actual per annum interest rate under the Senior Loan, plus (ii) the amount of the Loan multiplied by the initial per annum interest rate under the Loan and (b) the Total Project Debt multiplied by six and one quarter percent (6.25%).

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Property Debt Service means the aggregate amount of monthly installments of principal and interest that would be due and payable over a period of twelve (12) months if the principal amount outstanding under the Delayed Draw Term Notes outstanding issued in connection with the acquisition of such Property as of the date of calculation were amortized on a substantially linear basis over a term of three hundred sixty (360) months at the Prime Rate.

Property Debt Service means the aggregate of all payments of principal and interest under any notes, bonds or other instruments evidencing indebtedness and all lease payments for all properties or facilities owned or leased by the Borrower or any Subsidiary of the Borrower during each fiscal quarter of the Borrower.

Examples of Property Debt Service in a sentence

The Single Mortgaged Property Debt Service Ratio will remain at 1.40 to 1.0 until the Borrowing Base Value for such property equals $650,000.
In the event a Single Mortgaged Property Debt Service Coverage Ratio is less than 1.25 to 1.00, the Borrowing Base shall be reduced to an amount sufficient to support a 1.40 to 1.0 Single Mortgaged Property Debt Service Coverage Ratio with respect to the subject Mortgaged Property until such time as such Mortgaged Property achieves a 1.40 to 1.0 Single Mortgaged Property Debt Service Coverage Ratio.
By way of illustration, assume a Single Mortgaged Property has (i) an Appraised Value of $1,000,000; (ii) an initial Borrowing Base Value of $650,000 (65% of Appraised Value); (iii) an initial Single Mortgaged Property Debt Service of $50,256 (assuming an interest rate of six percent (6%) for this example); and (iv) single Mortgaged Property Net Operating Income of $62,820 (or, 1.25 to 1.0 of the Single Mortgaged Property Debt Service Ratio).
Until the Debt Service Reserve Account is closed in accordance with Section 10.07(4), the Modified Total Property Debt Service Coverage Ratio is not less than 1.30:1.00, tested at the end of each Fiscal Quarter.
Borrower shall cause each Property to maintain a Property Debt Service Coverage Ratio at all times of not less than 1.15 : 1.0 (the “Minimum Property Debt Service Coverage Ratio”).
Until the Debt Service Reserve Account is closed in accordance with Section 10.07(4), ensure that the balance of the Debt Service Reserve Account is sufficient such that the Modified Total Property Debt Service Coverage Ratio is not less than 1:30:1:00.
At such time as Lender determines that the Property has achieved the Minimum Property Debt Service Coverage Ratio as of the end of any subsequent quarter, and provided that no Default or Event of Default then exists, Lender will release is security interest in the Excess Cash Flow Account and return all funds on deposit therein (net of any outstanding fees) to Borrower.
After the Debt Service Reserve Account is closed in accordance with Section 10.07(4), the Total Property Debt Service Coverage Ratio is not less than 1.25:1.00, tested at the end of each Fiscal Quarter.
Lender shall test Borrower’s compliance with the Minimum Property Debt Service Coverage Ratio on a quarterly annualized basis, commencing with the quarter ending June 30, 2021.
At 1.40 to 1.0, net operating income of $55,000 supports a Single Mortgaged Property Debt Service of $39,285, which is a Borrowing Base Value of $508,117 (at the assumed interest rate).

More Definitions of Property Debt Service

Property Debt Service means, on any date of borrowing request, an amount equal to the annual principal and interest payment sufficient to amortize in full during a twenty-five (25) year period, a loan in an amount equal to the amount of the Loan to be allocated to the relevant Real Property as of such date, calculated using an interest rate equal to the greatest of: (1) the then current annual yield on ten (10) year obligations issued by the United States Treasury on the Business Day immediately prior to the date of borrowing request plus two and three quarters percent (2.75%), (b) the actual effective interest rate then in effect under this Agreement, or (3) seven percent (7%).

Property Debt Service means, for any period of determination, the sum of (i) the expenses of the borrower under a Pledged Loan for such period for interest payable with respect to such Pledged Loan and all fees paid on account of or with respect thereto, plus (ii) regularly scheduled principal amortization payments made or required to be made on account of such Pledged Loan for such period, in each case determined in accordance with GAAP. Property Debt Service shall be calculated on an actual basis for any period of determination.