Property Debt Service definition

Property Debt Service means the aggregate amount of monthly installments of principal and interest that would be due and payable over a period of twelve (12) months if the principal amount outstanding under the Delayed Draw Term Notes outstanding issued in connection with the acquisition of such Property as of the date of calculation were amortized on a substantially linear basis over a term of three hundred sixty (360) months at the Prime Rate.

Property Debt Service means an amount equal to the greater of (a) the sum of (i) the amount of the Senior Loan multiplied by the actual per annum interest rate under the Senior Loan, plus (ii) the amount of the Loan multiplied by the initial per annum interest rate under the Loan and (b) the Total Project Debt multiplied by six and one quarter percent (6.25%).

Property Debt Service means, for any period of determination, the sum of (i) the expenses of the borrower under a Pledged Loan for such period for interest payable with respect to such Pledged Loan and all fees paid on account of or with respect thereto, plus (ii) regularly scheduled principal amortization payments made or required to be made on account of such Pledged Loan for such period, in each case determined in accordance with GAAP. Property Debt Service shall be calculated on an actual basis for any period of determination.

Examples of Property Debt Service in a sentence

• The Single Mortgaged Property Debt Service Ratio will remain at 1.40 to 1.0 until the Borrowing Base Value for such property equals $650,000.

• In the event a Single Mortgaged Property Debt Service Coverage Ratio is less than 1.25 to 1.00, the Borrowing Base shall be reduced to an amount sufficient to support a 1.40 to 1.0 Single Mortgaged Property Debt Service Coverage Ratio with respect to the subject Mortgaged Property until such time as such Mortgaged Property achieves a 1.40 to 1.0 Single Mortgaged Property Debt Service Coverage Ratio.

• By way of illustration, assume a Single Mortgaged Property has (i) an Appraised Value of $1,000,000; (ii) an initial Borrowing Base Value of $650,000 (65% of Appraised Value); (iii) an initial Single Mortgaged Property Debt Service of $50,256 (assuming an interest rate of six percent (6%) for this example); and (iv) single Mortgaged Property Net Operating Income of $62,820 (or, 1.25 to 1.0 of the Single Mortgaged Property Debt Service Ratio).

• If the Single Mortgaged Property Net Operating Income decreases to $55,000 (a Single Mortgaged Property Debt Service Ratio below 1.25 to 1.0 using a Borrowing Base Value of $650,000 and a debt constant of $50,256), then the required Single Mortgaged Property Debt Service Ratio is adjusted to 1.4 to 1.0 Assuming net operating income to $55,000, then the Borrowing Base value for this property is reduced to $508,117.

• At 1.40 to 1.0, net operating income of $55,000 supports a Single Mortgaged Property Debt Service of $39,285, which is a Borrowing Base Value of $508,117 (at the assumed interest rate).

• In addition, in case of either voluntary or involuntary closure, WSA has ensured that its net fund balance is greater than the necessary closure amount as determined by the state’s formula.WSA understands that these funds are needed to fund Purchased Property, Debt Service, and Other Items during the approximately two (2) months it may take to wrap up operations of WSA at the end of any given year.

• This is another area that Kentucky could amend their SSPA, but this will be discussed in more detail below.B. Kentucky- The Weaker SSPA:Kentucky is known for having the worst SSPAs and judicial enforcement of it by most attorneys in the structured settlement industry.

• The Borrower is in compliance with the Total Property Debt Service Coverage Ratio requirements of Section 10.02(A)(i) of the Credit Agreement as demonstrated in the calculations set forth in Appendix A to this Compliance Certificate.

• If Lender determines at any time during the term of the Loan that the ratio of the actual debt service on the Loan and the Senior Loan to the actual net operating income of the Property on a cash basis exceeds 1.0 to 1.0, then within thirty (30) days of Lender’s demand, Borrower shall deposit into an account established in accordance with the Cash Management Agreement (the “Interest Reserve Account”) an amount equal to the Property Debt Service for a three (3) month period, as determined by Lender.

• After the Debt Service Reserve Account is closed in accordance with Section 10.07(4), the Total Property Debt Service Coverage Ratio is not less than 1.25:1.00, tested at the end of each Fiscal Quarter.

More Definitions of Property Debt Service

Property Debt Service means, on any date of borrowing request, an amount equal to the annual principal and interest payment sufficient to amortize in full during a twenty-five (25) year period, a loan in an amount equal to the amount of the Loan to be allocated to the relevant Real Property as of such date, calculated using an interest rate equal to the greatest 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 three quarters percent (2.75%), (b) the actual effective interest rate then in effect under this Agreement, or (3) seven percent (7%).

Property Debt Service means the aggregate of all payments of principal and interest under any notes, bonds or other instruments evidencing indebtedness and all lease payments for all properties or facilities owned or leased by the Borrower or any Subsidiary of the Borrower during each fiscal quarter of the Borrower.

Property Debt Service means, as of the date of determination an amount equal to the greater of (a) the sum of (i) the outstanding principal balance of the Senior Loan as of the date of determination multiplied by the then actual per annum interest rate under the Senior Loan, plus (ii) the outstanding principal balance of the Loan multiplied by the then actual per annum interest rate under the Loan and (b) the Total Project Debt multiplied by seven and one half percent (7.50%).