Lease Coverage definition

Lease Coverage means the ratio of (i) EBITDA (before payment of Rent by Tenant) hereunder and under each of the Affiliated Leases less the Reserves hereunder and under each of the Affiliated Leases, to (ii) aggregate amount of Minimum Rent hereunder and under the Affiliated Leases.
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Lease Coverage means Net Operating Income, less actual contributions by Tenant to the Capex Reserve under this Lease, divided by Minimum Rent under this Lease.
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Examples of Lease Coverage in a sentence

  • Within thirty (30) days after the end of each quarter, Tenant shall provide to Landlord internally generated financial statements, which statements shall include a calculation of the Lease Coverage Ratio.

  • Such Lease Coverage Ratio will be tested on a quarterly basis beginning with the first full fiscal quarter ended after month 9 of the Initial Term and continuing each fiscal quarter thereafter through month 24 of the Initial Term.

  • Sublessee shall be required to comply with the following financial covenant: Maintaining a Lease Coverage Ratio of 1.0 to 1.0 for months 9 through 18 of the Initial Term, 1.15 to 1.0 for months 19 through 36 of the Initial Term and 1.25 to 1.0 thereafter.

  • Notwithstanding the provisions of Section 3.1, if Sublessee fails to meet the required Lease Coverage Ratios set forth in Section 27(a) hereof (without regard to any notice and cure provisions applicable thereto), Sublessee shall pay to Sublessor the next due Installment of the Security Deposit.

  • After month 24 of the Initial Term, Sublessee must satisfy the Lease Coverage Ratio for a trailing twelve-month testing period tested quarterly beginning with the first full fiscal quarter ended of Sublessee after month 24 of the Initial Term.

  • Notwithstanding the foregoing, if the Lease Coverage Ratio in months 13 through 24 of the Initial Term meets a minimum of 1.0 to 1.0 over either a trailing twelve-month testing period or a trailing three-month period, then there shall be no financial covenant default under this Section 27(a).

  • Compliance with the Lease Coverage Ratio shall be measured quarterly commencing with the quarter ending December 31, 2014 and shall be based upon a trailing twelve (12) month period of operation then ending.

  • If the Facilities maintain a Lease Coverage Ratio at least equal to 1.20 to 1.00 on an aggregate basis for twelve (12) consecutive months (assuming payment of a management fee equal to three percent (3%) of gross revenues and an annual capital reserve equal to $400 per residential unit), the Security Deposit or any Letter of Credit, as the case may be, shall be promptly returned to BLC Holdings.

  • By way of example, if Sublessee fails to meet the Lease Coverage Ratio for the first full fiscal quarter ended after month 9 of the Initial Term, Sublessee shall pay to Sublessor the third Installment of the Security Deposit in the amount of $34,000.00 otherwise due and payable on the first day of the 18th month of the Initial Term.

  • Permit the Interest and Lease Coverage Ratio to be less than 2.00 to 1.00 for any Measurement Period.

Related to Lease Coverage

  • Insurance Coverage Contractor shall, at Contractor’s sole expense, procure, maintain and keep in force for the duration of this Contract the following insurance conforming to the minimum requirements specified below. Unless specified herein or otherwise agreed to by the City, the required insurance shall be in effect prior to the commencement of work by Contractor and shall continue in force as appropriate until the latter of:

  • Property Insurance is defined in Section 6.10(a).

  • Lot coverage means the percentage of lot area covered by all buildings on the lot;

  • Debt Service Coverage means that for every $1.00 of debt service required to be paid there must be $1.15 of Net Operating Income available. A worksheet for the calculation of Debt Service Coverage is found in the Report of Operations attached hereto as Exhibit "H" and incorporated herein by this reference.

  • Credit property insurance means insurance: