DSC Covenant Sample Clauses

DSC Covenant. The Debt Service Coverage for each Calculation Period determined on each Calculation Date shall be not less than 1.20:1. If such Debt Service Coverage covenant shall not be satisfied on any Calculation Date, Borrower shall prepay a sufficient amount of principal outstanding on the Loan such that if such principal reduction had been made on the first day of the Calculation Period the Debt Service Coverage covenant would have been satisfied. It shall be an Event of Default if Borrower fails to make such a prepayment not later than the first to occur of: (i) ten (10) Business Days after notice from Administrative Agent to Borrower properly requesting the payment, or (ii) if Borrower has failed to give Administrative Agent and each of the Lenders sufficient reports to enable Administrative Agent to make the necessary calculations, forty-five (45) days following the applicable Calculation Date.
Sample 1
AutoNDA by SimpleDocs
DSC Covenant. The Debt Service Coverage for each Calculation Period determined on each Calculation Date shall be not less than 1.5:1 (measured quarterly on a rolling four-quarter basis). If such Debt Service Coverage covenant shall not be satisfied on any Calculation Date, Borrower shall prepay a sufficient amount of principal outstanding on the Loan such that if such principal reduction had been made on the first day of the Calculation Period the Debt Service Coverage covenant would have been satisfied. It shall be an Event of Default if Borrower fails to make such a prepayment not later than the first to occur of: (i) thirty (30) days after notice from Lender to Borrower properly requesting the payment, or (ii) if Borrower has failed to give Lender sufficient reports to enable Lender to make the necessary calculations, forty-five (45) days following the applicable Calculation Date.
Sample 1
DSC Covenant. The Debt Service Coverage for each Calculation Period shall be not less than 1.25:1 during the Initial Term of the Loan and 1.40:1 during the Extended Term. If such Debt Service Coverage covenant shall not be satisfied on any Calculation Date, Borrower shall (i) prepay a sufficient amount of principal outstanding on the Loan or (ii) provide the Lender with cash, cash equivalents or a letter of credit reasonably acceptable to Lender as additional collateral. Such additional collateral shall be in an amount which is sufficient if offset against the outstanding principal amount such that if such principal reduction had been made or additional collateral offset against the principal amount of the Loan on the first day of the Calculation Period the Debt Service Coverage covenant would have been satisfied. Any 28
Sample 1

Related to DSC Covenant

  • Specific Covenants The Borrower fails to perform or observe any term, covenant or agreement contained in any of Section 6.01, 6.02, 6.03, 6.05, 6.10, 6.11 or 6.12 or Article VII; or

  • Interim Covenants During the period from the date of this Agreement and continuing until the Closing, the Seller and the Stockholders each agree (except as expressly contemplated by this Agreement or to the extent that Buyer shall otherwise consents in writing) that:

  • Joint Covenants Buyer and Seller hereby covenant and agree as follows:

  • Continuing Covenants The Competitive Supplier agrees and covenants to perform each of the following obligations during the term of this ESA.

  • REPORTING COVENANTS The Borrower agrees with the Lenders, the Issuers and the Administrative Agent to each of the following, as long as any Obligation or any Revolving Credit Commitment remains outstanding and, in each case, unless the Requisite Lenders otherwise consent in writing:

  • Operating Covenants The Issuer covenants with the Indenture Trustee as follows, provided that any of the following covenants with respect to the Portfolio Railcars shall not be deemed to have been breached by virtue of any act or omission of a Lessee or sub-lessee, or of any Person which has possession of a Portfolio Railcar for the purpose of repairs, maintenance, modification or storage, or by virtue of any requisition, seizure, or confiscation of a Portfolio Railcar (other than seizure or confiscation arising from a breach by the Issuer of such covenant) (each, a “Third Party Event”), so long as (i) none of the Issuer, the Servicer or the Administrator has consented to such Third Party Event; and (ii) the Issuer (or the Servicer on its behalf) as the Lessor of such Portfolio Railcar promptly and diligently takes such commercially reasonable actions as a leading railcar operating lessor would reasonably take in respect of such Third Party Event, including, as deemed appropriate (taking into account, among other things, the laws of the jurisdiction in which such Portfolio Railcar is located or operated), seeking to compel such Lessee or other relevant Person to remedy such Third Party Event or seeking to repossess the relevant Portfolio Railcar:

  • Financial Covenant So long as any Loan shall remain unpaid, any Letter of Credit shall remain outstanding or any Lender shall have any Commitment hereunder, the Borrower will maintain a ratio of Consolidated Debt to Consolidated Capital of not greater than 0.65 to 1.00 as of the last day of each fiscal quarter.

  • Parent Covenants The Parent will:

  • Special Covenants Borrower covenants and agrees that:

  • Nonpetition Covenant Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party hereto shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence, join with any other Person in commencing or institute with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Agreement.

Time is Money Join Law Insider Premium to draft better contracts faster.