Loan Constant definition

Loan Constant means a fraction, expressed as a percentage, determined by dividing the Net Operating Income of the Property by the Loan Commitment at the time of determination.

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Loan Constant means a rate equal to 8.75% per annum.

Loan Constant means, at any time, the sum of (x) the Spread plus (y) the then-applicable LIBOR Strike Rate.

Examples of Loan Constant in a sentence

The Amortizing Payments shall continue until such time as Lender determines that the Debt Service Coverage Ratio for the entire Portfolio is equal to or greater than 1.80 to 1.0 based on the Initial Loan Constant for the Loan of 7.29%.
Notwithstanding the foregoing, Borrowers shall be deemed to have satisfied the requirements of this clause (v) even if the percentage of Gross Rents derived from the remaining Properties exceeds the applicable thresholds so long as, after giving effect to the Property Release, the Adjusted Loan Constant (as defined in and calculated in accordance with Exhibit K) is greater than or equal to the Minimum Applicable Loan Constant.
For clarity, any sums on deposit in the NOI Deposit Account shall be disregarded for purposes of calculating the Loan Constant.
Provided a Default does not then exist, within fifteen (15) days after Borrower’s request, which request may be given at any time after Borrower delivers a Loan Constant Certificate confirming that Net Operating Income from the Property, with respect to a recently ended semi-annual period, is sufficient to yield a Loan Constant of not less than the Minimum Loan Constant, Administrative Agent shall disburse all funds in the Cash Flow Collateral Accounts to or for the benefit of Borrower.
If the Loan Constant Certificate delivered with respect to the calendar quarter ending December 31, 2015 confirms that Net Operating Income from the Property was sufficient to yield a Loan Constant equal to or greater than the Minimum Loan Constant, then Borrower shall have no further obligation to deliver any Loan Constant Certificates and no Cash Flow Sweep shall exist.

More Definitions of Loan Constant

Loan Constant means 11.33%.

Loan Constant means the greater of (i) 5.77%, (ii) the then current 10-Year U.S. Treasury Rate (as published by Bloomberg, L.P.) plus a spread of 110 basis points and assuming a thirty (30) year amortization, (iii) the then current loan constant applied by Lender in accordance with its then current underwriting policies and procedures for fixed rate conduit loans, or (iv) the applicable Interest Rate.

Loan Constant means 10.09%.

Loan Constant means (a) 6.75% until the Maturity Date; (b) for each Extension Term, a rate per annum equal to the newly calculated LIBOR Strike Rate for such Extension Term plus the Margin.

Loan Constant means nine percent (9%).

Loan Constant means, as any date of determination, the percentage determined by dividing Net Operating Income by the then current commitment amount.

Loan Constant shall have the meaning set forth in the Mortgage Loan Agreement.