Borrowing Base Interest Coverage Ratio means, as of any date of determination, the ratio of (a) the aggregate Adjusted Borrowing Base NOI with respect to the Borrowing Base Properties for the quarter most-recently ended for which financial statements are available divided by (b) pro forma annual interest on an amount equal to the sum of (x) Total Outstandings plus (y) from and after the occurrence of the Permitted Bridge Credit Agreement Transaction, the Total Bridge Facility Outstandings plus (z) the aggregate unsecured Indebtedness of the Consolidated Group assuming an interest rate equal to the greater of (i) seven percent (7.0%) per annum, or (ii) the sum of (A) the most-recent rate published on such date in the United States Federal Reserve Statistical Release (H.15) for ten (10) year Treasury Constant Maturities plus (B) three percent (3.0%).
Borrowing Base Interest Coverage Ratio means, as of any date of determination and without duplication, the ratio of (a) the aggregate Adjusted Borrowing Base NOI with respect to the Borrowing Base Properties for the quarter most-recently ended for which financial statements are available divided by (b) pro forma annual interest on an amount equal to the sum of (x) Total Outstandings plus (y) the aggregate unsecured Indebtedness of the Consolidated Group assuming an interest rate equal to the greater of (i) seven percent (7.0%) per annum, or (ii) the sum of (A) the most-recent rate published on such date in the United States Federal Reserve Statistical Release (H.15) for ten (10) year Treasury Constant Maturities plus (B) three percent (3.0%).
Borrowing Base Interest Coverage Ratio means, as of any date of calculation, the ratio of (i) Adjusted NOI for the Borrowing Base Properties for the most recently ended fiscal quarter divided by (ii) Senior Interest Expense for such period.
Examples of Borrowing Base Interest Coverage Ratio in a sentence
The Borrowing Base Interest Coverage Ratio, for the fiscal quarter then ended, to be less than 1.65 to 1.0.
As of the last day of each Fiscal Quarter, commencing with the Fiscal Quarter ending September 30, 2021, the Borrowing Base Interest Coverage Ratio shall not be less than 1.45 to 1.00.
As of the last day of each Fiscal Quarter, commencing with the Fiscal Quarter ended June 30, 2023, the Borrowing Base Interest Coverage Ratio shall not be less than 1.45 to 1.00.
Please ensure the following: Do not leave your pet unattended in your enclosed front door area, if you have one, or leave doors open without your dog being kept tethered. Safety measures are put in place to prevent animals from leaving the residence untethered.
The Borrowing Base Interest Coverage Ratio, for the fiscal quarter then ended, to be less than 1.65 to 1.0.(i) 1.54 to 1.00 at any time prior to the Final Covenant Period and (ii) 1.67 to 1.00 at any time thereafter.
More Definitions of Borrowing Base Interest Coverage Ratio
Borrowing Base Interest Coverage Ratio means, as of any date of calculation, the ratio for the Parent and its Subsidiaries on a consolidated basis (without duplication) of, (a) the sum of Net Operating Income from all Pool Properties for the most recently ended month; to (b) all Senior Interest Expense with respect to the Obligations for such month; provided, that with respect to the Borrowing Base Interest Coverage Ratio, “Senior Interest Expense” excludes non-cash amortization of deferred loan fees.
Borrowing Base Interest Coverage Ratio means, as of any date of determination, the ratio of (a) the aggregate Adjusted Borrowing Base NOI with respect to the Borrowing Base Properties for the quarter most-recently ended for which financial statements are available divided by (b) pro forma annual interest on an amount equal to the sum of (x) Total Outstandings plus (y) from and after the occurrence of the Permitted Bridge Credit Agreement Transaction, the Total Bridge Facility Outstandings plus (z) the aggregate unsecured Indebtedness of the Consolidated Group Total Outstandings assuming an interest rate equal to the greater of (i) seven percent (7.0%) per annum, or (ii) the sum of (A) the most-recent rate published on such date in the United States Federal Reserve Statistical Release (H.15) for ten (10) year Treasury Constant Maturities plus (B) three percent (3.0%).
Borrowing Base Interest Coverage Ratio means, as of any date of determination, the ratio of (a) the aggregate Adjusted Borrowing Base NOI with respect to the Borrowing Base Properties for the quarter most-recently ended for which financial statements are available divided by (b) pro forma annual interest on an amount equal to the Total Outstandings assuming an interest rate equal to the greater of (i) seven percent (7.0%) per annum, or (ii) the sum of (A) the most-recent rate published on such date in the United States Federal Reserve Statistical Release (H.15) for ten (10) year Treasury Constant Maturities plus (B) three percent (3.0%).
Borrowing Base Interest Coverage Ratio means, as of any date of determination, the ratio of (a) the aggregate Adjusted Borrowing Base NOI with respect to the Borrowing Base Properties for the quarter most-recently ended for which financial statements are available divided by (b) pro forma annual interest on an amount equal to Total Outstandings plus the aggregate unsecured Indebtedness of the Consolidated Group assuming an interest rate equal to the greater of (i) seven percent (7.0%) per annum, or (ii) the sum of (A) the most-recent rate published on such date in the United States Federal Reserve Statistical Release (H.15) for ten (10) year Treasury Constant Maturities plus (B) three percent (3.0%).
Borrowing Base Interest Coverage Ratio means, at any date of determination, the ratio of (i) the sum of (A) with respect to Borrowing Base Assets that are Mortgaged Properties, the aggregate Property NOI for all such Borrowing Base Assets for the four Fiscal Quarter period then most recently ended plus (B) with respect to Borrowing Base Assets that are Borrowing Base Equity Interest Assets, the aggregate Property NOI of the Retail/Other Properties owned by the Borrowing Base Equity Interest Asset Entities minus Debt Service for all Indebtedness secured by such Retail/Other Properties or for which any Borrowing Base Equity Interest Asset Entity is otherwise liable, in each case, for the four Fiscal Quarter period then most recently ended, plus (C) with respect to Borrowing Base Assets that are Borrowing Base Unencumbered JV Assets, the aggregate Property NOI for all such Borrowing Base Assets for the four Fiscal Quarter period then most recently ended, to (ii) the product of (A) the aggregate Credit Exposure as of such date multiplied by (B) 6%. For purposes of calculating the Borrowing Base Interest Coverage Ratio with respect to the four Fiscal Quarter period ending March 31, 2021, June 30, 2021, September 30, 2021, December 31, 2021 and March 31, 2022, the amount of Property NOI for such four Fiscal Quarter period shall be determined in accordance with the last sentence of the definition of “Property NOI”.
Borrowing Base Interest Coverage Ratio means, at any date of determination, the ratio of (i) the sum of (A) with respect to Borrowing Base Assets that are Mortgaged Properties, the aggregate Property NOI for all such Borrowing Base Assets for the four Fiscal Quarter period then most recently ended plus (B) with respect to Borrowing Base Assets that are Borrowing Base Equity Interest Assets, the aggregate Property NOI of the Retail/Other Properties owned by the Borrowing Base Equity Interest Asset Entities minus Debt Service for all Indebtedness secured by such Retail/Other Properties or for which any Borrowing Base Equity Interest Asset Entity is otherwise liable, in each case, for the four Fiscal Quarter period then most recently ended, plus (C) with respect to Borrowing Base Assets that are Borrowing Base Unencumbered Assets, the aggregate Property NOI for all such Borrowing Base Assets for the four Fiscal Quarter period then most recently ended, to (ii) the greatest of (A) the aggregate Interest Expense under the Loan Documents for the four Fiscal Quarter period then most recently ended, (B) the product of (I) the aggregate Revolving Credit Exposure as of such date multiplied by (II) 7.25% and (C) the product of (I) the aggregate Revolving Credit Exposure as of such date multiplied by (II) the sum of (a) a percentage equal to the Treasury Rate as of such date plus (b) a percentage equal to the applicable “SOFR Spread” as listed in the definition of Applicable Term SOFR Rate as of such date. For purposes hereof, “Treasury Rate” shall mean, as of any date, the yield per annum of United States Treasury securities with a constant maturity of ten years as compiled and published in the Federal Reserve Statistical Release H.15 (519) (or, if such Statistical Release is no longer published, any publicly available source of similar market data) on such date; provided that if such yield per annum is not published on such date (because such date is not a Business Day or otherwise), the yield per annum published for the most recent date preceding such date shall be used).
Borrowing Base Interest Coverage Ratio means the ratio, for any Fiscal Quarter, of (a) the sum of (i) the net cash flow actually received by the Pledged Entities during such Fiscal Quarter in respect of the CDO Bonds, Unencumbered Loans and Industrial Portfolio Interests in the Borrowing Base (including the interest payments received with respect to the CDO Bonds, the interest payments (but not principal or principal amortization payments) received with respect to the Unencumbered Loans and the investment return distributions (but not return of capital) made in respect of the Industrial Portfolio Interests) plus (ii) the Real Estate Asset Net Operating Income for each Real Estate Asset included in the Borrowing Base to (b) total interest expense paid of the Parent Guarantor, the Borrower and their Subsidiaries with respect to the Commitments, Loans and Letters of Credit hereunder for such Fiscal Quarter determined in accordance with GAAP.