Maximum LTC definition
Maximum LTC means with respect to any Mortgage Asset that is a Bridge Loan, at any time the Maximum LTC for related Underlying Mortgaged Property (a) in the case of Term Loan Collateral for the Term Loans, as set forth on Schedule 1-A to the Fee Letter and (b) in the case of Revolving Loan Collateral (including Mixed Collateral) for the Revolving Loans, the Maximum LTC set forth in the related Confirmation, which shall be no greater than the Maximum LTC set forth in Schedule 1-B to the Fee Letter; provided, however, that all such calculations shall be made taking into account any senior or pari passu debt or other senior or pari passu obligations, including senior or pari passu debt or other senior or pari passu obligations secured directly or indirectly by the applicable Underlying Mortgaged Property.
Maximum LTC. With respect to any Mortgage Asset or Purchased Asset, as applicable, that is a Bridge Loan, at any time the LTC for related Underlying Mortgaged Property set forth on Schedule 1 to the Fee Letter under the heading “End LTC” for the applicable Class of such Mortgage Asset or Purchased Asset, as applicable; provided, however, that all such calculations shall be made taking into account any senior or pari passu debt secured directly or indirectly by the applicable Underlying Mortgaged Property.
Maximum LTC means with respect to any Mortgage Asset that is a Bridge Loan or a Construction Loan, at any time the Maximum LTC for related Underlying Mortgaged Property (a) in the case of Term Loan Collateral under the Term Loans, a percentage determined by the Administrative Agent in its discretion between 35% and 110%, (b) in the case of Collateral for the Delayed Draw Term Loans, a percentage determined by the Administrative Agent in its discretion between 35% and 110% and (c) in the case of Revolving Loan Collateral under the Revolving Loans, the Maximum LTC set forth in the related Confirmation, which shall be no greater than the Maximum LTC set forth in Schedule 1-C to the Fee Letter; provided, however, in no event shall the Maximum LTC for a Construction Loan exceed 85% for the applicable Class of such Mortgage Asset and, as applicable, the applicable Property Type of Underlying Mortgaged Property; provided, further, however, that all such calculations shall be made taking into account any senior or pari passu debt or other obligations, including debt or other obligations secured directly or indirectly by the applicable Underlying Mortgaged Property.
Examples of Maximum LTC in a sentence
As of each Quarterly Payment Date prior to the Commitment Termination Date, each Payment Date after the Commitment Termination Date, or any other date of determination, the LTC Percentage, measured as of such date after giving effect to all transactions on such date, will be equal to or less than the Maximum LTC Percentage.
As of each Quarterly Payment Date prior to the Commitment Termination Date, each Payment Date after the Commitment Termination Date, or any other date of 44 US-DOCS\137537506.9 determination, the LTC Percentage, measured as of such date after giving effect to all transactions on such date, will be equal to or less than the Maximum LTC Percentage.
With respect to the Additional Collateral, the applicable Advance Rates, the Maximum LTV (or Maximum LTC), Minimum DSCR and financing spreads shall be contained in the related Confirmation.
More Definitions of Maximum LTC
Maximum LTC means, in the case of Revolving Loan Collateral under the Revolving Loans, the Maximum LTC set forth in the related Confirmation, which shall be no greater than the Maximum LTC set forth in Schedule 1-C to the Fee Letter; provided, however, that all such calculations shall be made taking into account any senior or pari passu debt or other obligations, including debt or other obligations secured directly or indirectly by the applicable Underlying Mortgaged Property.
Maximum LTC means with respect to any Legacy Mortgage Asset that is a Construction Loan, the Maximum LTC determined by the Administrative Agent in its discretion and set forth in the related Confirmation and, with respect to any New Mortgage Asset, the amount set forth in the Fee Letter; provided, however, that all such calculations shall be made taking into account any senior or pari passu debt or other obligations, including debt or other obligations secured directly or indirectly by the applicable Underlying Mortgaged Property.
Maximum LTC means with respect to any Mortgage Asset that is a Bridge Loan, at any time the Maximum LTC for related Underlying Mortgaged Property (a) in the case of Term Loan Collateral for the Term Loans, as set forth on Schedule 1-A to the Fee Letter and (b) in the case of Revolving Loan Collateral (including Mixed Collateral) for the Revolving Loans, the Maximum LTC, determined by the Administrative Agent in its discretion and set forth in the related Confirmation, which shall be no greater than the Maximum LTC set forth in Schedule 1-B to the Fee Letter; provided, however, that all such calculations shall be made taking into account any senior or pari passu debt or other senior or pari passu obligations, including senior or pari passu debt or other senior or pari passu obligations secured directly or indirectly by the applicable Underlying Mortgaged Property.
Maximum LTC. With respect to any Asset or Purchased Asset, as applicable, that is a Bridge Type or a Construction Type, at any time, the LTC for related Underlying Property set forth on Schedule 1 to the Fee Letter under the heading “End LT Cost” for the applicable Asset Class of such Asset or Purchased Asset, as applicable, and the applicable Property Class of Underlying Property; provided, however, the Maximum LTC shall take into account any senior or pari passu debt or other obligations, including debt or other obligations secured directly or indirectly by the applicable Underlying Property.
Maximum LTC means with respect to any Mortgage Asset that is a Construction Loan, at any time the Maximum LTC for related Underlying Mortgaged Property (a) in the case of Term Loan Collateral for the Term Loans, as set forth on Schedule 1 to the Fee Letter and (b) in the case of Revolving Loan Collateral for the Revolving Loans, the Maximum LTC determined by the Administrative Agent in its discretion and set forth in the related Confirmation; provided, however, that all such calculations shall be made taking into account any senior or pari passu debt or other obligations, including debt or other obligations secured directly or indirectly by the applicable Underlying Mortgaged Property.