Rent and Debt Service Coverage - Facility Sample Clauses

Rent and Debt Service Coverage - Facility. As used herein, the term ----------------------------------------- "Coverage Ratio" means EBITDAR (as defined below) for the Facility only for the applicable period minus assumed management fees of five percent of the total revenues (regardless of the amount of the management fees actually paid or incurred) earned from the Facility divided by the principal (excluding any prepayments or principal at maturity), interest and lease (capital and operating) payment obligations of Lessee (including the Rent) for the same period. As used herein, the term "EBITDAR" means, for any period, the sum of (1) the income (or deficit) from all operations 6efore provision of income taxes for such period and without deduction for actual management fees paid or incurred, plus (ii) the interest charges paid or accrued during such period (including imputed interest on lease (capital or operating) obligations (including this Lease), but excluding amortization of debt discount and expense), plus (iii) all amounts in respect of depreciation and amortization for such period, plus (iv) the rent due under all leases (capital or operating, including this Lease) for such period. Lessee agrees and covenants with Lessor that commencing with the first day of the sixth month after the Commencement Date and on the first day of every six months thereafter so long thereafter as the Lease is in effect, Lessee will achieve and will provide Lessor with evidence of the achievement of a Coverage Ratio for the immediately preceding three month period equal to or greater than the following: After the first 6 months: 1:.60 After one year: 1:.75 After 18 months: 1:.85 After two years: 1:.1
Sample 1See All (4)
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Rent and Debt Service Coverage - Facility. As used herein, the term "Coverage Ratio" means EBITDAR (as defined below) for the Facility only for the applicable period minus assumed management fees of five percent of the total revenues (regardless of the amount of the management fees actually paid or incurred) earned from the Facility divided by the principal (excluding any prepayments or principal at maturity), interest and lease (capital and
Sample 1
Rent and Debt Service Coverage - Facility. As used herein, the ----------------------------------------------- following terms shall have the meanings indicated: "Consolidated Coverage Ratio" means, for any period, the ratio of (i) EBITDARM on a consolidated basis for the Facilities in the aggregate for the applicable period, to (ii) the principal (excluding any prepayments or principal at maturity), interest and lease (capital and operating) payment obligations of the Facilities in the aggregate for the same period. "EBITDARM" means, for any period, the Net Income (or deficit) plus (i) the interest charges paid or accrued during such period (including imputed interest on lease (capital or operating) obligations (including this Lease), but excluding amortization of debt discount and expense), (ii) income taxes for such period, (iii) any amounts in respect of depreciation and amortization for such period, (iv) the rent due under all leases (capital or operating, including this Lease) for such period, and (v) any actual management fees paid or incurred during such period. "Facility Coverage Ratio" means, for any period, the ratio of (i) the difference between EBITDARM for the Facility for the applicable period, minus assumed management fees of five percent (5%) of the Gross Revenues from the Facility to (ii) the principal (excluding any prepayments or principal at maturity), interest and lease (capital and operating) payment obligations with respect to the Facility (including the Minimum Rent) for the same period. (q) Lessee agrees and covenants with Lessor that, so long as this Lease is in effect, Lessee will achieve and maintain, on a consolidated basis, the Consolidated Coverage Ratios set forth below for the twelve months preceding each quarterly reporting date. Required Consolidated Period Coverage Ratio ------ ---------------
Sample 1

Related to Rent and Debt Service Coverage - Facility

  • 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.

  • 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.

  • Minimum Debt Service Coverage Ratio As of the end of each fiscal quarter, commencing with the fiscal quarter ending June 30, 2021, the Borrowers shall not permit the Debt Service Coverage Ratio, determined on a consolidated basis for the Consolidated Parties, to be less than 2.00 to 1.00.

  • Debt Service Coverage Ratio Not permit the Debt Service Coverage Ratio on the last day of each Fiscal Quarter to be less than 3.50 to 1.00.

  • Consolidated Debt Service Coverage Ratio Permit the Consolidated Debt Service Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than 1.25:1.00.

  • Property Insurance Building Improvements and Rental Value 9.2.1 Lessor shall obtain and keep in force a policy or policies of insurance in the name of Lessor, with loss payable to Lessor, any ground-lessor, and to any Lender insuring loss or damage to the Premises. The amount of such insurance shall be equal to the full insurable replacement cost of the Premises, as the same shall exist from time to time, or the amount required by any Lender, but in no event more than the commercially reasonable and available insurable value thereof. If the coverage is available and commercially appropriate, such policy or policies shall insure against all types of direct physical loss or damage (except the perils of flood and/or earthquake unless required by a Lender), including coverage for debris removal and the enforcement of any Applicable Requirements requiring the upgrading, demolition, reconstruction or replacement of any portion of the Premises as the result of a covered loss. Said policy or policies shall also contain an agreed valuation provision in lieu of any coinsurance clause, waiver of subrogation, and inflation guard protection causing an increase in the annual property insurance coverage amount by a factor of not less than the adjusted U.S. Department of Labor Consumer Price Index for All Urban Consumers for the city nearest to where the Premises are located. Lessee Owned Alterations and Utility Installations, Trade Fixtures, and Lessee’s personal property shall be insured by Lessee not by Lessor unless the item in question has become the property of Lessor under the terms of this Lease.

  • 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.

  • Interest Expense Coverage Ratio The Borrower will not permit the ratio of (i) Consolidated EBITDA to (ii) Consolidated Cash Interest Expense for any period of four consecutive fiscal quarters to be less than 3.75 to 1.00.

  • Debt Service The provisions of this Section 3.9 regarding disbursements shall include the payment of debt service related to any mortgages of the Property, unless otherwise instructed in writing by Owner.

  • Insurance Covenants Lessee will:

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