Imputed Debt Service means the annual payments of principal and interest that would be required to fully amortize the outstanding revolving loan balance of Borrower's aggregate revolving loan indebtedness for the trailing one-year period as if the revolving loans were loans to be amortized in equal monthly payments of principal and interest over a 25-year period, with an assumed interest rate of the yield on U.S. Treasury securities having a 10-year maturity at the time of the determination, plus 3.0%.
Imputed Debt Service is defined as (a) the annual principal and interest payments required for Term Loan 1 and Term Loan 2 and (b) the annual principal and interest payments required to fully amortize the total maximum amount that can be advanced to Borrower under the Revolving Loan, regardless of the amount of the Revolving Loan that has been advanced to Borrower, based on a twenty (20) year amortization using the then current Revolving Loan Interest Rate. If the Debt Service Coverage Ratio falls below the applicable requirement set forth in this paragraph, the Borrowing Base shall be decreased so that the Debt Service Coverage Ratio meets the applicable ratio set forth in this paragraph, and any principal advanced in excess of the Borrowing Base amount will be immediately due and payable. Borrower may request approval from Bank, which Bank may approve or disapprove at its discretion, to pledge additional real estate as Collateral for the Loans to maintain compliance with the covenants and conditions of the Loan Documents or to cure any non-compliance with any of the affirmative covenants in this Agreement. The request for approval to add additional Collateral shall not be deemed to affect in any manner the Bank’s rights under this Agreement or the other Loan Documents for the failure of Borrower to comply with the requirements of this Agreement. With respect to each parcel that will be substituted as Collateral for the Loans, the requirements of Section 2.03 of this Agreement must be met to the Bank’s satisfaction as to such parcel prior to such parcel being added as Collateral.
Imputed Debt Service means, for any calculation period, the higher of (i) the amount of principal and interest payable in such period taking into account the net effect of any Interest Rate Agreement and (ii) the amount that would have been payable had the rate been equal to (A) from the Third Amendment Date through December 31, 2011, seven percent (7.0%) constant, (B) thereafter, through December 31, 2012, seven and one-half percent (7.5%) constant, (C) thereafter, through December 31, 2013, seven and three-quarters percent (7.75%) constant, and (D) thereafter, eight percent (8%) constant.
Examples of Imputed Debt Service in a sentence
Borrower shall, at all times, maintain a "Debt Service Coverage Ratio" (Adjusted Net Operating Income divided by Imputed Debt Service) of at least 1.5 to 1, which shall be tested quarterly.
The Consolidated Loan Debt Service Coverage Ratio shall be measured as of December 31, 1999, and at quarterly intervals thereafter, and for any period shall be determined as the quotient obtained by dividing (a) Adjusted Net Operating Income from all of Borrower's properties for such period by (b) the amount of Borrower's total debt service payments (principal and interest) which would be required to be made during such period, including Imputed Debt Service.
Term Loan 2 shall be included in the computation of Imputed Debt Service upon the closing of Term Loan 2 by adding Term Loan 2 to clause (a) above if the Term Loan 1 Interest Rate is applicable thereto or adding Term Loan 2 to clause (b) above if the Revolving Loan Interest Rate is applicable thereto.
The Imputed Debt Service Ratio for the Property shall equal or exceed the ratios set forth below, for the time periods set forth below.
Borrower shall, at all times, maintain a "Debt Service Coverage Ratio" (Adjusted Net Operating Income divided by Imputed Debt Service) of at least (i) 0.9 to 1.00 for the period through and including June 29, 2012, (ii) 1.05 to 1.00 for the period from June 30, 2012 through and including December 30, 2012, and (iii) 1.20 to 1.00 for the period from and after December 31, 2012, which shall be tested quarterly.
More Definitions of Imputed Debt Service
Imputed Debt Service means, for any calculation period, (a) initially, the amount of principal and interest payable in such period taking into account the net effect of any Interest Rate Agreement, and (b) commencing with the Fiscal Quarter ending March 31, 2009, the higher of (i) the amount of principal and interest payable in such period taking into account the net effect of any Interest Rate Agreement and (ii) the amount that would have been payable had the rate been equal to (A) initially, seven percent (7.0%) constant, (B) commencing with the Fiscal Quarter ending March 31, 2010, seven and three-eighths percent (7.375%) constant, (C) commencing with the Fiscal Quarter ending March 31, 2011, seven and three-quarters percent (7.75%) constant, and (D) commencing with the Fiscal Quarter ending March 31, 2012, eight percent (8%) constant.
Imputed Debt Service is defined as (a) the annual principal and interest payments required for Term Loan 1 and (b) the annual principal and interest payments required to fully amortize the total maximum amount that can be advanced to Borrower under the Revolving Loan, regardless of the amount of the Revolving Loan that has been advanced to Borrower, based on a twenty (20) year amortization with an assumed interest rate of the yield on the U.S. Treasury securities having a ten (10) year maturity at the time of determination, plus 2.75%. Term Loan 2 shall be included in the computation of Imputed Debt Service upon the closing of Term Loan 2 by adding Term Loan 2 to clause (a) above if the Term Loan 1 Interest Rate is applicable thereto or adding Term Loan 2 to clause (b) above if the Revolving Loan Interest Rate is applicable thereto. If the Debt Service Coverage Ratio falls below 1.5 to 1, the Borrowing Base shall be decreased so that the Debt Service Coverage Ratio meets a ratio of 1.5 to 1, and any principal advanced in excess of the Borrowing Base amount will be immediately due and payable. Borrower shall be in default under the Loan Documents if the Debt Service Coverage Ratio at any time falls below 1.3 to 1. Borrower may request approval from Bank, which Bank may approve or disapprove at its discretion, to pledge additional real estate as Collateral for the Loans to maintain compliance with the covenants and conditions of the Loan Documents or to cure any non-compliance with any of the affirmative covenants in this Agreement. The request for approval to add additional Collateral shall not be deemed to affect in any manner the Bank's rights under this Agreement or the other Loan Documents for the failure of Borrower to comply with the requirements of this Agreement. With respect to each parcel that will be substituted as Collateral for the Loans, the requirements of Section 2.03 of this Agreement must be met to the Bank's satisfaction as to such parcel prior to such parcel being added as Collateral.
Imputed Debt Service is defined as (a) the actual principal and interest payments on Term Loan 2 and Term Loan 4 required for the twelve (12) month period following the applicable fiscal quarter and (b) the annual principal and interest payments required to fully amortize the total maximum amount that can be advanced to Borrower under the Revolving Loan, regardless of the amount of the Revolving Loan that has been advanced to Borrower, based on a twenty (20) year amortization using the then current Revolving Loan Interest Rate. If the Debt Service Coverage Ratio falls below the requirement set forth in this paragraph, the Borrowing Base shall be decreased so that the Debt Service Coverage Ratio meets the ratio set forth in this paragraph, and any principal advanced in excess of the Borrowing Base amount will be immediately due and payable. Borrower may request approval from Bank, which Bank may approve or disapprove at its discretion, to pledge additional real estate as Collateral for the Loans to maintain compliance with the covenants and conditions of the Loan Documents or to cure any non-compliance with any of the affirmative covenants in this Agreement. The request for approval to add additional Collateral shall not be deemed to affect in any manner Bank's rights under this Agreement or the other Loan Documents for the failure of Borrower to comply with the requirements of this Agreement. With respect to each parcel that will be substituted as Collateral for the Loans, the requirements of Section 2.03 of this Agreement must be met to Bank's satisfaction as to such parcel prior to such parcel being added as Collateral.
Imputed Debt Service means for any period (and calculated either for an Individual Property based on its Allocated Loan Amount or for the Individual Properties as a whole based on the Principal Indebtedness then outstanding) the aggregate amount of principal and interest payments (excluding for purposes of such calculations for the Individual Properties, as a whole, any Scheduled Defeasance Payments) that would be due and payable during the applicable period calculated using a debt constant of 8.87% per annum. 17
Imputed Debt Service means, as of any date of determination, an amount equal to the aggregate amount of Interest that would have been paid for the period in question if the actual outstanding principal balance of the Loans as of such date, less the Additional Collateral Value as of such date, would bear Interest at a rate equal to eight percent (8.0%), in each case, calculated based on the actual number of days elapsed during such period and a year of 360 days, and determined on a trailing three (3) month basis (which three (3) month period shall correspond in length to the applicable three (3) month period which is the subject of the determination of Borrowing Base Net Operating Income for purposes of calculating the Debt Service Coverage Ratio to determine the applicable Imputed Loan Amount).
Imputed Debt Service with respect to each Property, means the aggregate amount of the Imputed Interest Payments plus the Imputed Principal Payments with respect to such Property for the applicable period.
Imputed Debt Service means for any period (and calculated either for an Individual Property based on its Allocated Loan Amount or for the Individual Properties as a whole based on the Principal Indebtedness then outstanding) the aggregate amount of principal (exclusive of the 100% Excess Cash Flow payable pursuant to Section 2.5(c)) and interest payments at the Base Interest Rate (excluding for purposes of such calculations for the Individual Properties, as a whole, any Scheduled Defeasance Payments) that would be due and payable during the applicable period calculated using a debt constant of 10.947% per annum as calculated in Section 2.5(a).