Examples of Debt Service Coverage Test in a sentence
Lender shall have determined that (i) the Loan Amount is not greater than 80% of the aggregate value of the Mortgaged Property as set forth in the Appraisals delivered on the Closing Date and (ii) the Debt Service Coverage Test is satisfied as of the Closing Date.
When they do not, this test recommends additional revenue.2. The Debt Service Coverage Test assesses the ability of the utility to cover debt service payments.
Surplus Fund: any remaining amounts after the uses set forth in items #1 through #11 above shall be allocated to the Surplus Fund (which is available for distribution to the Borrowers after Annual Evaluation of (a) satisfying Debt Service Coverage Test, (b) confirming “No Event of Default has occurred”, and (c) both the Debt Service Reserve (Fund) Requirement and the Repair and Replacement Fund have been fully funded).
Retention Events A mandatory Retention period is triggered when the breach of the Debt Service Coverage Test for the Series resulted in an Early Amortization Event, but the Controlling Party decided not to trigger an Early Amortization Period of the Series.
Such determination of the Debt Service Coverage Test Amount by the Agent shall be conclusive and binding absent manifest error.