Loan Constant Rate definition
Loan Constant Rate means the annual constant necessary to fully amortize the Rent Determination Base through level monthly payments of principal and interest calculated using the actual interest rate (the "Interest Rate") on the initial permanent mortgage loan to be obtained by Landlord with respect to the Premises (the "Initial Permanent Mortgage Loan") and using an amortization period of three hundred (300) months. The determination of such annual constant shall be made by reference to the Thorndike Encyclopedia of Banking and Financial Tables, such other generally accepted mortgage amortization schedules or tables or computer-generated amortization schedules otherwise agreed to by the parties (collectively the "Amortization Schedule").
Loan Constant Rate calculated using the formula below with the variables defined as:
(i) x = Loan Constant Rate.
(ii) i = Interest Rate expressed on a monthly basis, will be the greater of (a) the current rate per annum charged for the Line of Credit, or (b) a spread of 175 basis points plus the greater of (i) 5.0% per annum or (ii) the ten year treasury in effect on the last day of the quarter for which the updated Borrowing Base report is being prepared (i.
Examples of Loan Constant Rate in a sentence
The annual "Base Rent" for the first Lease Year shall be an annual amount determined by multiplying (i) the "Rent Determination Base" (as defined in Section 5(d) below) by (ii) a "Rent Constant" equal to the sum of (1) the "LCR" (Loan Constant Rate) (as defined in Section 5(e) below) plus (2) three hundred thirty-two (332) basis points.