Calculated Debt Service means, as of the applicable date of determination, the sum of (x) the greatest of: (a) the amount of interest and principal actually paid on account of the Loan during the preceding three (3) months, annualized, (b) the amount obtained by multiplying the outstanding principal balance of the Loan by a debt constant based on the return on the then current 10-year U.S. Treasury Bond plus 1.65%, or (c) the amount obtained by multiplying the outstanding principal balance of the Loan by a debt constant of 6.0% plus (y)
Calculated Debt Service means, for any calendar quarter, calculated on an annualized basis, an amount equal to the greater of (a) the constant annual payment of principal plus interest required to fully amortize, over a term of thirty (30) years commencing as of the date of such calculation, a loan in an amount equal to the outstanding principal balance of the Notes at the beginning of such quarter, assuming such amount were to bear interest at a rate equal to a rate determined by Administrative Agent as of the date of such calculation equivalent to the yield on United States Treasury obligations having maturities as close as possible to ten (10) years from the date of such calculation, plus one and one-half percent (1.50%), (b) the actual debt service payments, including interest and any amortization payments, required to be made by Borrower during such calendar quarter, annualized, and (c) the aggregate payments of annual principal and interest required to fully amortize, over a term of thirty (30) years commencing as of the first day of such calendar quarter, a loan in an amount equal to the outstanding principal balance of the Notes at the beginning of such period, assuming an interest rate of seven and twenty-seven one hundredth percent (7.27%), in each case, as determined by Administrative Agent, which determination shall be conclusive in the absence of manifest error.
Calculated Debt Service means, for any specified period of time, assumed debt service payments equal to the greater of (a) and (b), where (a) is an amount equal to the aggregate amount of principal and interest payments that would be due in respect of the Loans during such period using an interest rate equal to 6.50% per annum and a thirty (30) year amortization schedule, and where (b) is the aggregate amount of interest and principal, if any, that would be due under the Loans during such period based upon the amount of interest and principal, if any, payable by Borrower during such period as provided for in this Agreement (provided, however, for the purpose of this clause (b), such calculations shall take into account the benefit of any Hedge Agreements in effect during the most recently ended period in question and shall result in an imputed amount, rather than the actual payments by Borrower of principal and interest on the outstanding principal amount during such period); provided, however, that solely for the purposes of calculating the Debt Service Coverage Ratio pursuant to Section 2.5, Calculated Debt Service means an amount equal to the greatest of (i) the amount calculated pursuant to clause (a) above, (ii) the amount calculated pursuant to clause (b) above and (iii) an amount equal to the aggregate principal and interest payments that would be due in respect of the Loans during such period assuming constant monthly payments, a thirty (30) year amortization schedule and an interest rate determined by Administrative Agent as of the date of such calculation equivalent to the yield, calculated by linear interpolation (rounded upwards to the next 1/1,000 of 1%), on United States Treasury obligations having maturities as close as possible to ten (10) years from the date of such calculation, plus two hundred basis points (2.00%) per annum. All of such calculations shall be confirmed by Administrative Agent.
Examples of Calculated Debt Service in a sentence
The Debt Service Coverage Ratio shall be calculated using the Net Operating Income for the Unencumbered Asset Pool Property for the four most recent consecutive full calendar quarters (or on an annualized basis if the Property has been held for less than four calendar quarters), less an amount to reflect an annual capital expenditure reserve of $250 per apartment unit, divided by a calculated debt service (the "Calculated Debt Service").
More Definitions of Calculated Debt Service
Calculated Debt Service means, for any period, an amount equal to the outstanding principal balance of the Loans as of the date of calculation multiplied by a loan constant of seven percent (7.0%).
Calculated Debt Service means, as of the applicable date of determination, the sum of (x) Calculated Mortgage Debt Service plus (y) Calculated Mezzanine Debt Service.
Calculated Debt Service means, with respect to any particular period of time, the payments of interest that would be due on a principal balance equal to the Facility Amount, calculated on an annualized basis assuming interest payments at the greater of (i) an annualized interest rate of 6.50% and (ii) the actual interest rate under the Notes for the most recently ended calendar quarter.
Calculated Debt Service means the sum of the interest and principal payments which would be due over a period of twelve months calculated by using a twenty-five-year amortization period, and an interest rate equal to the then current seven-year U.S. Treasury rate plus 175 basis points (provided, however, that in no event shall the interest rate used for such computation be less than eight and one-quarter percent (8.25%) per annum).
Calculated Debt Service is the product of the outstanding loan amount and 7%. "Net rental income" is the total of all the net rental income from the Mortgage Property expected in the Calculation Period on the basis of the contractual status applicable on the respective effective date less the operating costs, maintenance/investment expenses (not: modernisation) and other expenses not covered by the tenants for the Mortgage Property for which the greater of a) a lump sum of 15% of the net rental income or b) the actual costs are applied. Only lease agreements that were properly serviced in the preceding quarter and only rental income that falls due prior to the first legally possible termination of the rental agreement shall be taken into account. The Bank must be notified immediately in the case of a breach or in the event of matters and circumstances that would endanger compliance. The Borrower and the Bank are in agreement that an elevated risk analysis of the claims against the Borrower is justified in the case of a breach of the aforesaid agreed requirements. In this case, the Bank is authorised to pursue the legal consequences described in Clause 9.3.
Calculated Debt Service means, for any period, an amount equal to the greatest of: (a) actual debt service for such period; (b) at any time that an Interest Rate Agreement shall not be in effect, the constant monthly payments of principal plus interest for such period, required to fully amortize, over a term of 30 years commencing as of the date of such calculation, a loan in an amount equal to the then outstanding balance of the Loan, assuming such loan were to bear interest at a rate equal to 2.25% per annum in excess of the yield on a 10-year United States Treasury obligation assumed to be issued as of such date; and (c) debt service payments on the outstanding balance of the Loan for such period calculated based upon a mortgage constant of 7.00%.
Calculated Debt Service means, for any specified period of time, assumed debt service payments equal to the greatest of (a), (b), and (c) where (a) is an amount equal to the constant annual payment of principal plus interest required to fully amortize, over a term of thirty (30) years commencing as of the date of such calculation, a loan in an amount equal to the then outstanding principal amount of principal which can be outstanding under the Notes, assuming such amount were to bear interest at a rate determined by Administrative Agent as of the date of such calculation equivalent to the yield, calculated by linear interpolation (rounded upwards to the next 1/1,000 of 1%), on United States Treasury obligations having maturities as close as possible to ten (10) years from the date of such calculation, plus two hundred fifty basis points (2.50%), where (b) is an amount equal to the aggregate principal and interest payments that would be due using a 7.50% constant based on the then outstanding principal amount, and where (c) is the annualized amount of interest and principal, if any, that would be due under the Loans based upon the amount of interest and principal, if any, payable by Borrower during the most recently ended calendar quarter (provided, however, for the purpose of this clause (c), such calculations shall take into account the benefit of any Hedge Agreements in effect during the most recently ended period in question and shall result in an imputed amount, rather than the actual payments by Borrower of principal and interest on the outstanding principal amount during such period). All of such calculations shall be confirmed by Administrative Agent.