Debt Service on the Loan definition

Debt Service on the Loan means the actual payments of principal and/or interest paid or payable during the Calculation Period with respect the Loan. Default as defined in Section 10.1.
Sample 1
Debt Service on the Loan means the greater of (i) the outstanding principal balance of the Loan as of the Calculation Date multiplied by a constant of eight and one-half (8.5%) percent per annum or (ii) the projected payments of principal and interest for a twelve (12) month period calculated utilizing: (x) the outstanding principal balance of the Loan as of the Calculation Date, (y) that rate equal to the sum of (A) the 10-Year Treasury Rate (or if said 10-Year Treasury Rate at any time is less than five (5.00%) percent per annum, then the 10-Year Treasury Rate will be deemed to equal five (5.00%) percent per annum), plus (B) two and one-half (2.5%) percent per annum; and (z) an amortization schedule having a period of three hundred (300) months, all of the foregoing as determined solely by the Agent.
Sample 1
Debt Service on the Loan means in respect of compliance with the Debt Service Coverage covenant for each Calculation Period, the greater of (a) the payments of principal and interest payable during the Calculation Period under the Loan, after giving effect to any Interest Rate Protection Agreement entered into with respect to the Loan by the Borrower, or (b) a debt service constant of seven percent (7.00%) based on the outstanding principal balance of the Loan on the first date of the Calculation Period. Default as defined in Section 11.1. Default Rate as defined in Section 2.5.8. Dollars shall mean lawful money of the United States. DSCR as defined in Section 9.21.1. Effective LIBO Rate shall mean the per annum rate equal to the Adjusted LIBO Rate plus the Applicable Margin. Eligible Assignee shall mean:
Sample 1

Examples of Debt Service on the Loan in a sentence

  • Any fees to Borrower, Guarantor, any of their respective affiliates, principals, partners, sureties or any related Person shall be subordinate to Debt Service on the Loan.

  • Advances from the Operating Reserve shall be for the sole purpose of paying a portion of the Debt Service on the Loan or net operating losses as shown on a monthly financial report for such Facility prepared in accordance with the requirements set forth in this Agreement, and certified by the Chief Financial Officer or Executive Vice President or President of the Guarantor.

  • Advances from the Operating Reserve shall be for the sole purpose of paying a portion of the Debt Service on the Loan or net operating losses as shown on a monthly financial report for such Facility prepared in accordance with the requirements set forth in the Financing Agreement, and certified by the Chief Financial Officer of the Borrower.

  • Advances from the Operating Reserve shall be for the sole purpose of paying a portion of the Debt Service on the Loan or net operating losses as shown on a monthly financial report for such Facility prepared in accordance with the requirements set forth in this Agreement, and certified by the chief financial officer of the applicable Borrower.

  • If at any time it appears to the City that there is a danger of deficiency in the Special Tax Fund and that the City may be unable to pay Debt Service on the Loan in a timely manner, the City shall report such fact to the Lender.

  • The City will punctually pay or cause to be paid the Debt Service on the Loan when and as due in strict conformity with the terms hereof and thereof, and it will faithfully observe and perform all of the conditions covenants and requirements of this Loan Agreement and all Supplemental Agreements and of the Note.

  • If necessary, flush the pump and connected pipelines before opening the feed and discharge pipes.• The pump housing could be hot and must not be touched during operation.

  • At Lender’s option disbursements from any Interest Reserve or Debt Service Reserve Account will be disbursed directly to Lender on a monthly basis as interest or Debt Service on the Loan becomes due and payable and Lender is automatically authorized to draw upon the reserve each month in the amount of Debt Service on the Loan then due and payable without the requirement of a Request for Advance or other draw certification by the Borrower.

  • The Special Taxes and all moneys deposited into such funds (except as otherwise provided herein) are hereby dedicated to the payment of Debt Service on the Loan as provided herein and in the Act until payment in full of the Loan or the discharge of the Loan under Section 6.03.

  • Advances from the Operating Reserve shall be for the sole purpose of paying a portion of the Debt Service on the Loan or net operating losses as shown on a monthly financial report for such Facility prepared in accordance with the requirements set forth in the Financing Agreement, and certified by the Chief Financial Officer of the Guarantor.


More Definitions of Debt Service on the Loan

Debt Service on the Loan means the higher of: (i) the actual principal and interest paid or payable under the Loan during the Calculation Period, or (ii) the payments of principal and interest that would have been payable under an assumed loan during the Calculation Period in an amount equal to the outstanding principal balance of the Loan at the inception of the relevant Calculation Period bearing interest at the Deemed Rate of Interest payable on a direct reduction basis over twenty-five (25) years.
Sample 1
Debt Service on the Loan means the principal and interest payable under the Loan during the test period based upon the greater of: (i) the actual interest rate in effect under the Loan for the test period plus principal payments based upon a twenty (20) year amortization schedule, or (ii) the greater of (I) the rate for the ten (10) year United States Treasury obligations in amounts approximating the principal balance of the Loan during the test period plus one hundred eighty five (185) basis points, or (II) seven and one-half percent (7.5%) per annum, plus in the case of (I) and (II), principal payments based upon a twenty (20) year amortization schedule.
Sample 1
Debt Service on the Loan means (a) if the interest rate under the Loans has been fixed for the duration of the Loans, the actual principal and interest paid or payable under the Loan during the Calculation Period, or (b) if the interest rate under the Loans is a floating rate, the higher of: (i) the actual principal and interest paid or payable under the Loans during the Calculation Period, or (ii) the payments of principal and interest that would have been payable under an assumed loan during the Calculation Period in an amount equal to the outstanding principal balance of the Loans at the inception of the relevant Calculation Period bearing interest at the Deemed Rate of Interest payable on a direct reduction basis over twenty (20) years.
Sample 1
Debt Service on the Loan means the higher of: (i) the actual principal and interest paid or payable under the Senior Loan during the Calculation Period, or (ii) the payments of principal and interest that would have been payable under an assumed loan during the Calculation Period in an amount equal to the outstanding principal balance of the Senior Loan at the inception of the relevant Calculation Period bearing interest at the Deemed Rate of Interest payable on a direct reduction basis over twenty-five (25) years; provided, that if in excess of 95% of the aggregate principal balance of the Senior Loan is subject to an interest rate swap agreement through the Maturity Date, the Debt Service on the Loan shall be determined by using the actual principal and interest payable under the Senior Loan during the Calculation Period after giving effect to the impact of such interest rate swap agreement.
Sample 1
Debt Service on the Loan means the actual principal and interest paid or payable under the Loan during the Calculation Period.
Sample 1
Debt Service on the Loan means the higher of: (i) the actual principal and interest paid or payable under the Loan during the Calculation Period, or (ii) the payments of principal and interest that would have been payable under an assumed loan during the Calculation Period in an amount equal to the outstanding principal balance of the Loan at the inception of the relevant Calculation Period bearing interest at the Deemed Rate of Interest payable on a conventional mortgage amortization schedule over twenty-five (25) years. (vii) "Deemed Rate of Interest" shall mean an issued rate of interest equal to the rate of interest on United States Treasury Securities with a 10 year maturity plus 2.25%. 9.18.2
Sample 1

Related to Debt Service on the Loan

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

  • 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.

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

  • Subordinated Lender means each Seller, in its capacity as subordinated lender pursuant to the relevant Subordinated Loan Agreement.