Lease Payments Coverage Ratio Sample Clauses

Lease Payments Coverage Ratio. The Tenant covenants and agrees to calculate annually its Lease Payments Coverage Ratio (as defined below) for each Fiscal Year commencing with the Fiscal Year ending June 30, 2015 based on its audited financial statements for such Fiscal Year, and to provide a copy of such calculation for such period to the Landlord and Master Trustee annually. Tenant also covenants to maintain its Gross School Revenues (defined below) so that its Lease Payments Coverage Ratio at the end of each Fiscal Year (commencing with the Fiscal Year ending June 30, 2015) is not less than 1.20 to 1.00; provided that, except as provided below, the Tenant’s failure to achieve the required Lease Payments Coverage Ratio will not constitute an Event of Default hereunder if the Tenant promptly engages an Independent Consultant to prepare a report, to be delivered to the Tenant, the Landlord and Trustee within forty-five (45) days of engagement, with recommendations for meeting the required Lease Payments Coverage Ratio or, if in the opinion of the Independent Consultant the attainment of such level is impracticable, to the highest level attainable in such Fiscal Year, and the Tenant agrees that it will consider the recommendations of the Independent Consultant. The Tenant shall not be obligated to retain such an Independent Consultant more often than once during any twenty-four (24) month period. Notwithstanding the foregoing, the Tenant’s failure to achieve a Lease Payments Coverage Ratio of 1.00 to 1.00 will constitute an Event of Default hereunder.
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Related to Lease Payments Coverage Ratio

  • Lease Payments No Borrower will, or will permit any Subsidiary to, directly or indirectly, incur or assume (whether pursuant to a Guarantee or otherwise) any liability for rental payments except in the Ordinary Course of Business.

  • Base Payments The Settlement Fund Administrator will allocate base payments under Section IV.D among the Settling States in proportion to their respective Overall Allocation Percentages. Base payments for each Settling State will then be allocated fifteen percent (15%) to its State Fund, seventy percent (70%) to its Abatement Accounts Fund, and fifteen percent (15%) to its Subdivision Fund. Amounts may be reallocated and will be distributed as provided in Section V.D.

  • BASE PAY RATE The employee's basic hourly rate exclusive of overtime premium, shift premium, stability or any other special allowances.

  • Minimum Charge The minimum charge against accumulated vacation leave shall be fifteen (15) minutes. Vacation leave shall be compensated at the employee’s base rate of pay, except as otherwise provided in this Agreement.

  • Rental Assistance Payments and Overpayment The right of the Owner to receive payments under this Contract shall be subject to compliance with this Contract’s provisions. The Owner agrees that, absent written notice to the Program Administrator and return of the Rental Assistance Payment, acceptance of the Rental Assistance Payment shall be conclusive evidence that the Owner received the full amount due. Throughout the term of this Contract, Owner agrees to waive any late fees associated with the Rental Assistance Payment, provided that such payment is issued by the Program Administrator by the agreed upon date. Owner/Representative Initials: If the Program Administrator determines that the Owner was not entitled to any payments received, in addition to other remedies, the Program Administrator may require Owner to refund any overpayment to the Program Administrator.

  • Returned Payment Fee If your account is subject to a Returned Payment Fee, the fee will be charged to your account when a payment is returned for any reason.

  • Night Shift Premium Any employee who is required to work on any day when the majority of their working hours fall between 10.00 p.m. and 5.00 a.m., or who starts their shift prior to 5.00 a.m., shall be paid a premium, in addition to their regular, hourly rate, of one dollar and twenty-five cents ($1.25) per hour for all hours worked on the shift. Shift premium pay shall not be added to an employee’s hourly rate for the purpose of computing overtime. This clause shall not result in duplication of premiums.

  • Minimum Interest Charge If the interest charge for all balances on your Credit Card account is less than $1.00, we will charge you the Minimum Interest Charge shown on page 1. This charge is in lieu of any interest charge.

  • AGENT’S COMPENSATION The Owner agrees to pay the Agent the following fees indicated below for the services and provided: (check all that apply) ☐ - Management Fee: . ☐ - New Lease: _ . ☐ - Renewal of Lease: _ . ☐ - Eviction: . ☐ - Preparing the Property for Leasing: _ . ☐ - Other. .

  • Motor allowance Employees who in the service of their employer use their own vehicles at the request of their employer shall be paid per kilometre at the rate detailed in Appendix A.

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