Debt Service Coverage Requirement Sample Clauses

Debt Service Coverage Requirement. The Borrower shall maintain wastewater rates and charge fees in connection with the operation of the Facility that are adequate to generate Net Revenues in each fiscal year sufficient to pay (i) all debt service (excluding debt service on the Loan), (ii) all other financial obligations imposed in connection with prior lien obligations of the Borrower, and (iii) an amount equal to the debt service coverage factor of 105% multiplied by the debt service payments due under this Loan Agreement in that fiscal year.
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Debt Service Coverage Requirement. For the period (the "Initial Period") commencing on the Closing Date and terminating on the earlier to occur of (a) the first anniversary thereof, and (b) the sale of the Loan by Morgan Stanley Moxxxxxx Xxxxxxx, Inc. to an unaffiliated third party, Grantor shall maintain a Debt Service Coverage Ratio, determined as of the last day of each calendar quarter with respect to the preceding four quarters, greater than 1.225:1 with respect to each of the Properties, with the exception of the Properties located at Opelika, Alabama and New Smyrna, Florida, which shall maintain a Debt Service Coverage Ratio of 1.28:1 (the "Minimum DSCR").
Sample 1
Debt Service Coverage Requirement. Within forty-five (45) days after each Calculation Date Borrower shall submit to Lender a detailed calculation of the Debt Service Coverage for such calendar quarter certified as being true and correct by an officer of Borrower (a "DSC CERTIFICATE"), in a form reasonably acceptable to Lender. Lender shall have the right to adjust any calculation by Borrower of Debt Service Coverage so as to correct such calculation or render such calculation in compliance with the provisions of this Section 17. An Event of Default shall occur if either (i) Borrower shall fail to deliver the DSC Certificate as required above, or (ii) if the Debt Service Coverage is less than the Minimum Debt Service Coverage for any Calculation Period (a "DSC DEFAULT"); provided that Borrower may cure a DSC Default by repaying such portion of the principal balance of the Loan as is necessary to cause the Debt Service Coverage to be not less than the Minimum Debt Service Coverage. During the existence of a DSC Default, not later than fifteen (15) days following the end of each calendar month Borrower shall pay to Lender all monthly Net Operating Income (calculated based on actual Operating Expenses with no imputed or minimum Operating Expenses included for purpose of such calculation) available after payment of amounts due and payable pursuant to the Loan Documents, to be applied as set forth in the Lockbox Agreement, and shall with each such payment deliver a statement setting forth a detailed calculation of monthly Net Operating Income certified by an officer of Borrower. For the purposes hereof, the following terms shall have the meanings set forth below:
Sample 1
Debt Service Coverage Requirement. Within forty-five (45) days alter each Calculation Date Borrower shall submit to Lender a detailed calculation of the Debt Service Coverage for such calendar quarter certified as being true and correct by an officer of Borrower (a “DSC Certificate”), in a form reasonably acceptable to Lender. Lender shall have the right to adjust any calculation by Borrower of Debt Service Coverage so as to correct such calculation or render such calculation in compliance with the provisions of this Section 17. An Event of Default shall occur if either (i) Borrower shall fail to deliver the DSC Certificate as required above, or (ii) if the Debt Service Coverage is less than the Minimum Debt Service Coverage for any Calculation Period (a “DSC Default”); provided that Borrower may cure a DSC Default by repaying such portion of the principal balance of the Loan as is necessary to cause the Debt Service Coverage to be not less than the Minimum Debt Service Coverage. For the purposes hereof, the following terms shall have the meanings set forth below:
Sample 1

Related to Debt Service Coverage Requirement

  • Debt Service Coverage The Company will not, and will not permit any Subsidiary to, incur any Debt (including, without limitation, Acquired Debt) other than Intercompany Debt, if the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service Charge for the period consisting of the four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be incurred is less than 1.5 to 1.0, on a pro forma basis after giving effect to the incurrence of such Debt and the application of the proceeds therefrom, and calculated on the assumption that (i) such Debt and any other Debt (including, without limitation, Acquired Debt) incurred by the Company or any of its Subsidiaries since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period) had occurred on the first day of such period, (ii) the repayment or retirement of any other Debt of the Company or any of its Subsidiaries since the first day of such four-quarter period had occurred on the first day of such period (except that, in making such computation, the amount of Debt under any revolving credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such Debt during such period), and (iii) in the case of any acquisition or disposition by the Company or any Subsidiary of any asset or group of assets since the first day of such four-quarter period, including, without limitation, by merger, stock purchase or sale, or asset purchase or sale or otherwise, such acquisition or disposition had occurred on the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation. If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating rate then, for purposes of calculating the Annual Debt Service Charge, the interest rate on such Debt shall be computed on a pro forma basis as if the average interest rate which would have been in effect during the entire such four-quarter period had been the applicable rate for the entire such period.

  • Debt Service Coverage Ratio Borrower shall maintain as of the last day of any fiscal quarter a Debt Service Coverage Ratio of not less than 1.25 to 1.00 for the period of four consecutive fiscal quarters then ended on such day.

  • Minimum Debt Service Coverage Ratio Commencing September 30, 2025, and as of the last day of each calendar quarter thereafter, the Borrowers will not permit the Debt Service Coverage Ratio to be less than 1.25 to 1.00.

  • Minimum Debt Service Coverage The Borrower will not at any time permit the outstanding principal amount of the Unsecured Indebtedness to exceed an amount such that: (a) the Unencumbered Net Operating Income, divided by (b) Pro Forma Unsecured Debt Service Charges would be less than 1.5 for any Fiscal Quarter.

  • Collateral Coverage Ratio On the Closing Date (and after giving pro forma effect to any Borrowings on such date), the Collateral Coverage Ratio shall not be less than 2.0 to 1.0.

  • Maintenance of Insurance Coverage Each party agrees to maintain throughout the term of this Agreement professional liability insurance coverage of the type and amount reasonably customary in its industry. Upon request, a party shall furnish the other party with pertinent information concerning the professional liability insurance coverage that it maintains. Such information shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.

  • Asset Coverage Ratio The Borrower will not permit the Asset Coverage Ratio to be less than 2.00 to 1 at any time.

  • Cash Flow Coverage Ratio The ratio of (a) the Borrower's Cash Flow to (b) the sum of (i) the Borrower's consolidated Interest Expense plus (ii) the Borrower's scheduled payments of principal (including the principal component of Capital Leases) to be paid during the 12 months following any date of determination shall at all times exceed (1) 1.5 to 1.0. Compliance with the ratio will be tested as of the last day of each month, with Cash Flow and Interest Expense being calculated for the twelve months then ended.

  • Interest Coverage Ratio The Borrower will not permit the Interest Coverage Ratio to be less than 2.75 to 1.0 on the last day of any Fiscal Quarter.

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