Pool Interest Coverage Ratio. As of any date of calculation, the ratio of (a) Net Operating Income from the Collateral Properties to (b) the greater of (i) interest actually due and payable on the Loans and (ii) interest that would have been due and payable on the Loans if calculated assuming a LIBOR or Base Rate (as applicable) of 1.75% per annum plus the Applicable Margin, in each case, during the most-recently ended two (2) consecutive quarters, annualized. For the purpose of calculating Pool Interest Coverage Ratio, Net Operating Income shall only include (i) with respect to any Ground Leased Property, Ground Leased Rent payments received in cash during the most-recently ended two (2) consecutive quarters and (ii) actual Net Operating Income from each Mortgaged Property, including Non-Stabilized Mortgaged Properties. For purposes of this definition, the Net Operating Income from Collateral Properties that have been owned for less than two (2) full fiscal quarters will be calculated as agreed by the Agent.
Pool Interest Coverage Ratio. (the ratio of (A) Net Operating Income from the Collateral Properties to (B) the interest actually due and payable on the Loans): _________
Pool Interest Coverage Ratio. Ratio of (Total (A)) to (B): ________ Net Operating Income***
