DSCR. After giving effect to such Substitution, as of the Substitution Date the DSCR for all of the Properties then remaining subject to the Liens of the Security Instrument (i.e., including the Substitute Property and excluding the Replaced Property), shall not be less than the greater of (A) the Closing Date DSCR and (B) 80% of the DSCR for the Properties subject to the Lien of the Security Instrument immediately prior to the Substitution Date;
DSCR. DSCR in respect of any Relevant Period ending on or after 31 December 2017, shall not be less than 1.1:1.
DSCR. The Project shall have achieved a Debt Service Coverage Ratio of not less than 1.25 to 1.0; provided, however, that (i) Borrower shall have the right to make a principal repayment on the outstanding principal balance of the Loan in order to comply with the required Debt Service Coverage Ratio, and such reduced outstanding principal balance will be utilized in re-calculating Debt Service, and (ii) in the event the Earn-Out Proceeds have not been disbursed to Borrower in accordance with Section 3.9 above, the Loan amount for purposes of calculating Debt Service shall not include the Earn-Out Proceeds.
DSCR. On August 15, 2010 the Project shall have achieved a Projected Debt Service Coverage Ratio of not less than 1.00 to 1.00; provided, however, that the definition of Debt Service for purposes of this Section 7.26 only shall mean during any Quarter, the actual interest payments on the Loan that are due and payable during such Quarter.
DSCR. On and after the First Test Date, the DSCR in respect of any Calculation Period, as tested in accordance with Clause 19.4 (Financial Covenants Calculation), shall not be less than the ratio set out in column 2 opposite the Calculation Period.
DSCR. (a) Notwithstanding anything contained herein to the contrary, Borrower shall have the option to avoid a Triggering Event caused by a DSCR Event, or if such Triggering Event has occurred, Borrower at any time thereafter shall have the option to satisfy the definition of Triggering Event Termination, in either case, by (a) prepaying a portion of the Loan equal to an amount which, had the Loan been prepaid by such amount on the date of the DSCR Event, would result in the DSCR being equal to or greater than the applicable Minimum DSCR for the immediately preceding calendar quarter (the “Optional Minimum DSCR Prepayment”), (b) depositing with Administrative Agent cash or a Letter of Credit in an amount equal to the Optional Minimum DSCR Prepayment which shall be held by Administrative Agent on behalf of the Lenders as additional security for the Loan or (c) delivering a fully executed and enforceable Sweep Guaranty to Administrative Agent. After the occurrence of a Sweep Guaranty Termination Event, any Sweep Guaranty delivered prior to such date shall terminate upon Borrower’s compliance with Section 8.5(c) of this Agreement.
DSCR. The Project has achieved (as of the date of the Second Extension Request) a Debt Service Coverage Ratio of not less than 1.25 to 1.0;
DSCR. The Borrower shall not permit the DSCR as of the end of any month to be less than 2.25 to 1.0.
DSCR. (vi) All accrued and unpaid principal, interest and all other sums due under the Note, this Agreement and the other Loan Documents up to the Defeasance Date, including, without limitation, all costs and expenses incurred by Lender or its agents in connection with such Defeasance (including without limitation, the reasonable fees and expenses incurred by attorneys and accountants in connection with the review of the proposed Defeasance Collateral and the preparation of the Defeasance Security Agreement (as hereinafter defined) and related documentation), shall be paid in full on or prior to the Defeasance Date.
DSCR. The PrivateBank and Trust Company (the “Statesboro Lender”), the lender of the construction loan (the “Statesboro Loan”) for the Development Project located in Statesboro, Georgia (the “Statesboro Property”), has required a debt service covenant pursuant to Section 7.26 of the Construction Loan Agreement (the “Statesboro Loan Agreement”) between the Statesboro Lender and Campus Crest at Statesboro, LLC, the Property Owning Subsidiary that owns the Statesboro Property (the “Statesboro Owner”). Under this covenant, on August 15, 2010, the Statesboro Property must achieve a Projected Debt Service Coverage Ratio (as defined in the Statesboro Loan Agreement) of not less than 1.00 to 1.00; provided, however, that the definition of Debt Service (as defined in the Statesboro Loan Agreement) for purposes of Section 7.26 of the Statesboro Loan Agreement only shall mean during any Quarter (as defined in the Statesboro Loan Agreement), the actual interest payments on the Statesboro Loan that are due and payable during such Quarter (the “Year 1 DSCR”).
