Common use of Implied Debt Service Clause in Contracts

Implied Debt Service. As of any date of calculation, the hypothetical annual debt service payment calculated based on (a) the outstanding Revolving Credit Exposure drawn under the Mortgaged Property Availability as of such date; (b) an interest rate equal to the greater of (1) five percent (5.00%), (2) the then current (10) year US Treasury rate plus two percent (2.00%), and (3) the effective all-in interest rate under the Loans; and (c) a thirty (30) year amortization schedule. Inbound Ground Lease. A ground lease approved by Agent, which at the time of such approval has a remaining term of no less than thirty (30) years, pursuant to which Parent Borrower or a Subsidiary Credit Party leases a Mortgaged Property as ground lessee thereunder. Inbound Ground Lease Default. See §6.31(d). Indebtedness. Without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, including Mandatorily Redeemable Stock if such redemption is required to be made in cash rather than common stock, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) any amount payable by such Person pursuant to all guarantees by such Person of Indebtedness of others (excluding non-recourse carve-out guarantees or backstop agreements until such time as such Person is called upon to make payments under any of these guarantees or backstop agreements, at which time such guarantees or backstop agreements shall thereafter be included in the definition of Indebtedness to the extent of the actual liability thereunder), (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (k) net obligations under any Derivatives Contract, in an amount equal to the Derivatives Termination Value thereof, and (l) payments received in consideration of sale of an ownership interest in Parent Borrower when the interest so sold is determined, and the date of delivery is, more than one (1) month after receipt of such payment and only to the extent that the obligation to deliver such interest is not payable solely in such interest of such Person. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefore as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. Indebtedness shall be calculated on a Consolidated basis in accordance with GAAP (unless otherwise indicated herein).

Implied Debt Service. As of any date of calculation, the hypothetical annual debt service payment calculated based on (a) the outstanding Revolving Credit Exposure drawn under the Mortgaged Property Availability as of such date; , (b) an interest rate equal to the greater of (1) five percent (5.005.5%), (2) the then current (10) -year US U.S. Treasury rate plus two percent (2.00%)200 basis points, and (3) the effective all-in interest rate under applicable to the Loans; Loans hereunder, and (c) a thirty (30) -year amortization schedule. Inbound Ground Lease. A ground lease approved by Agent, which at the time of such approval has a remaining term of no less than thirty (30) years, pursuant to which Parent Borrower or a Subsidiary Credit Party leases a Mortgaged Property as ground lessee thereunder. Inbound Ground Lease Default. See §6.31(d)period. Indebtedness. Without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, including Mandatorily Redeemable Stock if such redemption is required to be made in cash rather than common stock, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) any amount payable by such Person pursuant to all guarantees by such Person of Indebtedness of others (excluding non-recourse carve-out guarantees or backstop agreements until such time as such Person a Borrower or Guarantor is called upon to make payments under any of these guarantees or backstop agreements, at which time such guarantees or backstop agreements shall thereafter be included in the definition of Indebtedness to the extent of the actual liability thereunder), (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (k) net obligations under any Derivatives Contract, in an amount equal to the Derivatives Termination Value thereof, and (l) payments received in consideration of sale of an ownership interest in Parent Borrower when the interest so sold is determined, and the date of delivery is, more than one (1) month after receipt of such payment and only to the extent that the obligation to deliver such interest is not payable solely in such interest of such Person. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefore as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. Indebtedness shall be calculated on a Consolidated basis in accordance with GAAP (unless otherwise indicated herein).