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.
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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%).
Sample 1

Examples of Property Debt Service in a sentence

  • 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).

  • 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.

  • 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.

  • In addition, in case of either voluntary or involuntary closure, WSA has ensured that its net fund balance is greater than the necessary closure amount as determined by the state’s formula.WSA understands that these funds are needed to fund Purchased Property, Debt Service, and Other Items during the approximately two (2) months it may take to wrap up operations of WSA at the end of any given year.

  • If the Single Mortgaged Property Net Operating Income decreases to $55,000 (a Single Mortgaged Property Debt Service Ratio below 1.25 to 1.0 using a Borrowing Base Value of $650,000 and a debt constant of $50,256), then the required Single Mortgaged Property Debt Service Ratio is adjusted to 1.4 to 1.0 Assuming net operating income to $55,000, then the Borrowing Base value for this property is reduced to $508,117.

  • The value shall be defined as the fair market value of all property and assets pledged as security for the repayment of the Loan and shall be determined by Lender through reference to acceptable guides, indexes and/or appraisals; and (e) maintain a Property Debt Service Coverage Ratio (“PDSCR”) of not less than 1.10:1 tested on an annual basis as of the last day of each calendar year, beginning December 31, 2017.

  • 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.

  • 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).

  • 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”).


More Definitions of Property Debt Service

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.
Sample 1
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.
Sample 1

Related to Property Debt Service

  • Property NOI means, with respect to any Property for any Rolling Period (without duplication) the aggregate amount of (i) Property Income for such period minus (ii) Property Expenses for such period.

  • Debt Service means, with respect to any particular period of time, the scheduled principal and interest payments due under this Agreement and the Note.

  • Total Debt Service means the sum of (i) scheduled or other required payments of principal on Indebtedness, and (ii) Interest Expense, in each case for such period.

  • Debt Service Charges means for any Measurement Period, the sum of (a) Consolidated Interest Charges paid or required to be paid for such Measurement Period, plus (b) principal payments made or required to be made on account of Indebtedness (excluding the Obligations and any Synthetic Lease Obligations but including, without limitation, Capital Lease Obligations) for such Measurement Period, in each case determined on a Consolidated basis in accordance with GAAP.

  • Annual Debt Service as of any date means the maximum amount which is expensed in any 12-month period for interest on Debt of the Company and its Subsidiaries, excluding amortization of debt discounts and deferred financing costs.

  • Consolidated Debt Service means, for any relevant period, the sum (without double counting), determined in accordance with GAAP, of:

  • Consolidated Debt Service Coverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) Consolidated EBITDA for the most recently completed four fiscal quarters minus (ii) income taxes payable for such period minus (iii) Consolidated Capital Expenditures for such period to (b) the sum of (i) Consolidated Interest Charges for such period plus (ii) Consolidated Scheduled Funded Debt Payments for such period.

  • Debt Service Coverage Ratio means a ratio for the applicable period in which:

  • Consolidated Lease Expense means, for any period, the aggregate amount of fixed and contingent rentals payable by the Borrower and its Subsidiaries with respect to leases of real and personal property (excluding Capital Lease Obligations) determined on a consolidated basis in accordance with GAAP for such period.

  • Debt Service Coverage means that for every $1.00 of debt service required to be paid there must be $1.15 of Net Operating Income available. A worksheet for the calculation of Debt Service Coverage is found in the Report of Operations attached hereto as Exhibit "H" and incorporated herein by this reference.

  • Annual Debt Service Charge as of any date means the amount which is expensed in any 12-month period for interest on Debt of the Company and its Subsidiaries.

  • Aggregate Debt Service means, with respect to any particular period of time, the sum of (a) the Debt Service, (b) the Mortgage Debt Service and (c) the Other Mezzanine Debt Service.

  • Consolidated Excess Cash Flow means, for any period, an amount (if positive) equal to:

  • Operating Lease Expense means the sum of all payments and expenses incurred by a Person, under any operating leases during the period of determination, as determined in accordance with GAAP.

  • Property Income means cash rents (excluding non-cash straight-line rent) and other cash revenues received by the Borrower or a Guarantor in the ordinary course for any Property, but excluding security deposits and prepaid rent except to the extent applied in satisfaction of tenants’ obligations for rent.

  • Monthly Debt Service Payment Amount means, for each Monthly Payment Date, an amount equal to the amount of interest which is then due on all the Components of the Loan in the aggregate for the Interest Period during which such Monthly Payment Date occurs.

  • Property Value means the fair market value of the real property, as remediated, less

  • Operating Property means any property owned, leased, or operated by the Party in question or by any of its Subsidiaries or in which such Party or Subsidiary holds a security interest or other interest (including an interest in a fiduciary capacity), and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • Debt Service Reserve means the reserve for payment of principal and interest on the Bonds, created and established by Sections 502 and 506 of the General Trust Indenture.

  • Consolidated Depreciation and Amortization Charges means, for any period, the aggregate of all depreciation and amortization charges for fixed assets, leasehold improvements and general intangibles (specifically including goodwill) of Borrower for such period, as determined on a Consolidated basis and in accordance with GAAP.

  • Debt Service Reserve Requirement means, as of any date of calculation, and for any Fiscal Year, the amount equal to the maximum Adjusted Aggregate Debt Service on Bonds in the current or any future Fiscal Year on all Bonds Outstanding; provided, however, that if, upon the issuance of a Series of Bonds, such amount would require moneys, in an amount in excess of the maximum amount permitted under the Code to be deposited therein from the proceeds of such Bonds, to be deposited therein, the Debt Service Reserve Requirement shall mean an amount equal to the sum of the Debt Service Reserve Requirement immediately preceding issuance of such Bonds and the maximum amount permitted under the Code to be deposited therein from the proceeds of such Bonds, as certified by an Authorized Representative of the Authority; provided, further, that, if (i) the payment of the Principal Installments of or interest on any Series of Bonds or portion thereof is secured by a Special Credit Facility, (ii) the payment of the Tender Option Price of any Option Bond of a Series is secured by a Special Credit Facility or (iii) the Authority has determined in a Supplemental Resolution authorizing the issuance of a Series of Bonds that such Series of Bonds will not be secured by the Common Account in the Debt Service Reserve Fund, the Supplemental Resolution authorizing such Series may specify the Debt Service Reserve Requirement, if any, for the Bonds of such Series: provided, further, that if, as a result of the expiration or termination of a Financial Guaranty, a deficiency shall be created in the Debt Service Reserve Fund, the Debt Service Reserve Requirement shall be calculated so as to exclude the amount of such deficiency and the Debt Service Reserve Requirement shall be increased in each of the five Fiscal Years after the date such deficiency was created by an amount equal twenty per centum (20%) of the aforesaid deficiency.For the purpose of calculating the Debt Service Reserve Requirement for any Variable Rate Bonds of a Series, the maximum Adjusted Debt Service on such Series shall be determined by reference to the Pro Forma Bond Issue for the Variable Rate Bonds of such Series set forth in the Supplemental Resolution authorizing such Series.

  • Pro Forma Debt Service means with respect to the Borrower and the Restricted Subsidiaries, on a consolidated basis, with respect to the next succeeding complete twelve (12) month period following the calculation date, and after giving effect to any Interest Rate Hedge Agreements and Eurodollar Advances, the amount of all (i) scheduled payments of principal on Indebtedness for Money Borrowed for such period (including imputed principal payments with respect to Capitalized Lease Obligations), determined on the basis of the aggregate amount of Indebtedness for Money Borrowed outstanding as of the date of calculation and giving effect to any mandatory reductions in the Commitments and the operation of the other terms of this Agreement (or other instruments or agreements governing Indebtedness for Money Borrowed) during such next succeeding twelve (12) month period, (ii) cash interest payable (including imputed interest with respect to Capitalized Lease Obligations) with respect to Indebtedness for Money Borrowed of such Persons, (iii) fees payable under this Agreement and the other Loan Documents (but specifically excluding fees paid during previous periods but amortized during such period in accordance with GAAP), and (iv) other payments (including fees) payable by such Persons during such period in respect of Indebtedness for Money Borrowed (other than voluntary prepayments under Section 2.7 hereof). For purposes of this definition, where interest payments for the twelve (12) month period immediately succeeding the calculation date are not fixed by way of Interest Rate Hedge Agreements, Eurodollar Advances, or otherwise for the entire period, interest shall be calculated on such Indebtedness for Money Borrowed for periods for which interest payments are not so fixed at the Eurodollar Basis (as determined on the date of calculation and based on the then current adjustment under Section 2.3(f) hereof) for a Eurodollar Advance having an Interest Period of twelve (12) months; provided, however, that if such Eurodollar Basis cannot be determined in the reasonable opinion of the Administrative Agent, such interest shall be calculated using the Base Rate Basis as then in effect.

  • Property EBITDA means for any property owned by Ventas, Inc. or any of its Subsidiaries as of the date of determination, for any period of time, the net income (loss) derived from such property for such period, before deductions for (without duplication):

  • Unencumbered Properties means each Acceptable Property that either (a) is an Initial Unencumbered Property or (b) becomes an Unencumbered Property pursuant to Section 4.03, and “Unencumbered Property” means any one of the Unencumbered Properties.

  • Debt Service Reserve Fund means the fund by that name established pursuant to the Second Resolution.

  • Contract Charges means charges that accrue during a given month as defined in Article III. “Contract Term” is defined in Article IV.