Total Annual Debt Service. The aggregate of debt service payments for a 12 month period on the stated principal amount of the Loan, assuming (i) a per annum interest rate (herein, “Assumed Rate”) equal to the greater of (x) seven percent (7.00%), and (y) two percent (2.00%) above the yield on ten year United States Treasury notes as of the close of business on the day preceding the date of calculation, as announced on Xxxxxxxxx.xxx or another reliable source selected by the Agent, and (ii) monthly payments of principal and interest based on an amortization period of twenty-five (25) years.
Total Annual Debt Service. Actual debt service during the period measured; provided, however, with respect to any debt service prior to the I/O Expiration Date (as defined in the Note), Total Annual Debt Service shall be the aggregate of debt service payments for a 12 month period pursuant to the terms of the Note (or annualized for any shorter period), calculated based on the principal balance amortized over 30 years at an assumed interest rate equal to the greater of 4.50% or the actual Loan interest rate.
Total Annual Debt Service. Net Operating Income" is defined as gross income from operations of the Security for the previous twelve (12)-month period from leases of apartments therein (to the extent Grantee reasonably projects such income will continue for the immediately succeeding twelve (12) month period), subtracting therefrom all necessary and ordinary operating expenses applicable to the Security for such period of time (both fixed and variable to the extent reasonably projected by Grantee to continue for the next succeeding twelve (12) month period), including, but not limited to, utilities, administrative, cleaning, landscaping, security, repairs and maintenance, management fees, real estate and other taxes, assessments and insurance, but excluding therefrom deductions for federal, state and other income taxes, debt service expense, depreciation or amortization of capital expenditures and other similar noncash items. Gross income shall not be anticipated for any greater time period than that approved by generally accepted accounting principles nor shall ordinary operating expenses by prepaid. Documentation of Net Operating Income shall be certified by an officer of Grantor with detail satisfactory to Grantee and shall be subject to the approval of Grantee. "Total Annual Debt Service" shall mean the aggregate debt service payments (including principal and interest) on the Note (or on the First Note and/or the Second Note and/or the Third Note (all as hereinafter defined), as the context may require) for the applicable time period. If Grantee elects not to make the proceeds available for the Work, then such proceeds shall be applied to reduce the Indebtedness in whatever order Grantee may elect. Any application of such proceeds to the principal indebtedness evidenced by the Note shall be at par and shall cause a pro rata reduction in payments of interest and, if applicable, principal, under the Note; provided, however, that if there exists an Event of Default, the prepayment fee as provided in the Note shall also be due. If during the last two loan years, Grantee applies insurance and/or Condemnation proceeds to pay down the Note, and provided no Event of Default then exists, Grantor shall have the option of prepaying the entire Note at par without any prepayment fee.
Total Annual Debt Service. The annualized debt service payments on then outstanding principal balance of the Loan plus any anticipated future fundings on the Loan assuming (i) a per annum interest rate equal to the Interest Rate as of the close of business on the day preceding the date of calculation and (ii) monthly payments of principal of $0.
Total Annual Debt Service. The aggregate of debt service payments comprising principal and interest for a twelve (12) month period on the stated principal amount of the Loan, assuming (a) a fixed per annum interest rate equal to the Assumed Interest Rate determined as of the date of calculation; and (b) monthly payments of principal and interest based on an amortization period of thirty (30) years.
Total Annual Debt Service. Net Operating Income" is defined as gross income from operations of the Encumbered Property based upon the previous twelve (12)-month period from leases of space therein (to the extent Lender reasonably projects such income will continue for the immediately succeeding twelve (12)
Total Annual Debt Service. The annualized debt service payments on then outstanding principal balance of the Loan plus any anticipated future fundings on the Loan assuming a per annum interest rate equal to the Interest Rate as of the close of business on the day preceding the date of calculation. Trade Street Guarantor: Trade Street Operating Partnership, LP, a Delaware limited partnership. Transfer: Except as otherwise permitted hereunder or approved by Lender, any: (i) sale, transfer, lease, conveyance, alienation, pledge, assignment, mortgage, encumbrance hypothecation or other disposition of (a) all or any portion of the Project or any portion of any other security for the Loan, (b) all or any portion of the Borrower’s right, title and interest (legal or equitable) in and to the Project or any portion of any other security for the Loan, or (c) any interest in Borrower, Managing Member or any Guarantor (including any interest in the profits, losses or cash distributions in any way relating to the Project, Managing Member or the Borrower) or any interest in any entity which holds an interest in, or directly or indirectly controls, Borrower, Managing Member or any Guarantor or (d) creation of any new ownership interest in Borrower, Managing Member or any Guarantor (including any interest in the profits, losses or cash distributions in any way relating to the Project or Borrower, Managing Member or any Guarantor. SCHEDULE II PRESS RELEASE NXT CAPITAL ANNOUNCES THE CLOSING OF
