Financial Trap definition

Financial Trap means a test within an Originated Loan Agreement relating to Loan to Value Cover, Interest Cover, Projected Interest Cover or Debt Service Cover ratios, failure to meet which will result in surplus funds being retained in the Rental Income Account rather than being paid into the General Account for use by the Borrower.
View Source
Financial Trap means a test in a Loan Agreement relating to Interest Cover in the case of the Merry Hill Loan or in relation to the Borehamwood Investments Limited & Oakdale Investments Limited Loan and the Chesterton Commercial (Berks) Limited Loan, the Projected Interest Cover Percentage, failure to meet which will result in surplus funds being transferred from the Rent Account to the Deposit Account or in the case of the Merry Hill Loan, towards prepayment of the Merry Hill Loan rather than being released to the Borrower or paid into the General Account.
View Source

Related to Financial Trap

  • Financial Transaction means purchase, redemption, exchange or any other transaction involving the movement of Shares initiated by an End-User.

  • FIRM PROCUREMENT means the agreement between the parties for mutually agreed terms and conditions with commitment of Quantity Ordered.

  • Leverage means the aggregate amount of indebtedness of the Company for money borrowed (including purchase money mortgage loans) outstanding at any time, both secured and unsecured.

  • Residential treatment facility means a facility which provides a treatment program for behavioral health services and is established and operated in accordance with applicable state laws for residential treatment programs. RETAIL CLINIC is a medical clinic licensed to provide limited services, generally located in a retail store, supermarket or pharmacy. A retail clinic provides vaccinations and treats uncomplicated minor illnesses such as colds, ear infections, minor wounds or abrasions.

  • General Treatment means treatment (including provision of goods and services) that is intended to manage or prevent a disease, injury or condition and is not “hospital treatment”.