DSCR Covenant definition

DSCR Covenant shall have the meaning provided in Section 7.18(b).
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DSCR Covenant means any Borrower covenant under this Agreement to achieve a minimum Debt Service Coverage Ratio during any period or at any time during the term of this Agreement.
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Examples of DSCR Covenant in a sentence

  • Subject to Lender’s confirmation of satisfaction of each of the covenants set forth in Section 2 (f) above, Lender shall waive (the “Waiver”) Borrower’s failure to comply with the (A) DSCR Covenant during the period beginning October 1, 2008 and ending March 31, 2009, and the (B) Capitalization Covenant, and the (C) RBC Covenant during the period beginning October 1, 2008 and ending December 31, 2008 (collectively referred to herein as the “Waiver Period”).

  • This Amendment does not constitute a waiver of the (A) DSCR Covenant, the (B) Capitalization Covenant, nor the (C) RBC Covenant for any time period other than the Waiver Period, nor does it constitute a waiver of any other provision in the Agreement.

  • The DSCR Cure shall not be taken into account for purposes of calculating the DSCR Covenant in order to determine pro forma compliance with the DSCR Covenant for any other purpose hereunder, for determining compliance with any other covenant hereunder or under the Loan Documents and may not be used to make a Restricted Payment or for any other purpose.

  • Borrowers fail to comply with the Combined DSCR Covenant or the Cap Ex Covenant, or both, when and as required herein.

  • Borrower has requested and Lender is willing to agree to a temporary and limited waiver of Borrower’s failure to comply with the (A) DSCR Covenant, (B) Capitalization Covenant, and (C) RBC Covenant, subject to the terms and conditions set forth below.

  • Lender is not waiving and shall require Borrower’s compliance with the DSCR Covenant as amended by this Agreement, for all other reporting periods.

  • Borrower hereby acknowledges that Lender has made no agreement or commitment to waive the DSCR Covenant beyond the reporting period referenced above and upon any future violation of the DSCR Covenant, Lender shall have the immediate and unconditional right to exercise its rights and remedies under the Loan Documents.

  • The DSCR Covenant shall be tested at Lender’s option on any Calculation Date.

  • If a DSCR Covenant Cure is not achieved within six (6) months after the Minimum DSCR Covenant is violated, then the Administrative Agent shall have the right to apply the DSCR Covenant Cure Deposit (including, without limitation, by drawing on any Collateral Letter of Credit delivered by Borrower), to reduce the outstanding principal balance of the Loans (and upon any such payment, Borrower shall pay to the Lenders any amounts due to the Lenders in accordance with Sections 2.4(6) and 2.9(5)).

  • Employee agrees that for a period of twelve (12) months after signing this agreement, he/she will not directly or indirectly, whether on behalf of him/herself or any other entity, solicit, recruit or employ any of Employer’s employees, or cause any such employees to leave the employment of Employer.