Pool Debt Service means an amount equal to the annual principal and interest payment sufficient to amortize in full during a thirty (30) year period, a loan in an amount equal to the amount of the Unsecured Debt, calculated using an interest rate equal to the greater of: (1) the then current annual yield on ten (10) year obligations issued by the United States Treasury on the Business Day immediately prior to the date of borrowing request plus two and one-half percent (2.50%), or (2) six and one-half percent (6.50%).
Examples of Pool Debt Service in a sentence
Consolidated Implied Pool Debt Service," as of any date of determination, means the annual Debt Service of the Borrower and its Subsidiaries that would be payable on Borrower's and its Subsidiaries' Consolidated Total Funded Debt based on a twenty (20) year mortgage style amortization schedule and bearing interest at a rate per annum equal to the then current yield on ten (10) year obligations issued by the United States Treasury most recently prior to the date of determination plus two percent (2.00%).
The Borrower on a consolidated basis with its Subsidiaries will not permit, at the end of any fiscal quarter of Borrower, the ratio of (i) Consolidated EBITDA of the Borrower and its Subsidiaries to (ii) Consolidated Implied Pool Debt Service of the Borrower and its Subsidiaries to be less than 1.50 to 1.00.
Borrowing Base Availability" means, as of any date, the lesser of (i) sixty-five percent (65%) of the Borrowing Base, and (ii) an amount which, if it were the Allocated Facility Amount, would produce a Collateral Pool Debt Service Coverage Ratio of 1.50:1.0.
Borrower shall make principal payments on the Advances (the "Unscheduled Mandatory Payments") whenever a reduction in the Collateral Pool Debt Service Coverage Ratio or the Collateral Pool LTV Amount causes the Outstanding Loan Amount to be greater than the Maximum Collateral Pool Supported Amount.
For each fiscal quarter, the Hotel Properties in the Collateral Pool shall maintain an Initial Collateral Pool Debt Service Coverage Ratio of no less than 1.65 : 1.00 measured and reviewed quarterly, on a rolling twelve (12) month basis.