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%).
The Consolidated Implied Pool Debt Service shall be determined by Administrative Agent and any such determination, so long as the same shall be made by Administrative Agent in the exercise of its good faith business judgment, shall be conclusive and binding absent manifest error.
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.
The Borrower shall not permit the ratio of (i) Unencumbered NOI of the Borrower and its Subsidiaries for any period of four consecutive fiscal quarters most recently ended to (ii) Unencumbered Pool Debt Service of the Borrower and Subsidiaries for such period to be less than 1.50 as of the last day of such period.
For each fiscal quarter, the Hotel Properties in the Collateral Pool shall maintain a Permenant Collateral Pool Debt Service Coverage Ratio of no less than 1.75 1.65 : 1.00 measured and reviewed quarterly, on a rolling twelve (12) month basis.
Maintain (A) at the end of each fiscal quarter of the Parent and (B) at the time of each Advance (both before and after giving effect to such Advance) an Unencumbered Pool Debt Service Coverage Ratio of not less than 1.50:1.00.