Low DSCR Period definition

Low DSCR Period shall commence if, as of any Calculation Date, the Debt Service Coverage Ratio is less than 1.20:1.00, and shall end if (i) the Properties have achieved, as of any two succeeding consecutive Calculation Dates, a Debt Service Coverage Ratio of at least 1.20:1.00 or (ii) immediately (without waiting for two (2) consecutive Calculation Dates) upon Borrower prepaying the principal amount of the Loan in an amount sufficient to cause the Debt Service Coverage Ratio to be equal to or in excess of 1.20:1.00.

Low DSCR Period shall have the meaning set forth in the Loan Agreement (Mortgage).

Low DSCR Period means any period commencing on the Payment Date following the conclusion of any three consecutive DSCR Tests (where the third DSCR Test performed is for the DSCR Test Period ending on any March 31, June 30, September 30 or December 31) for which the Aggregate DSCR for the Properties then subject to the Lien of the Mortgage does not exceed ninety percent (90%) of the Closing Date DSCR, and ending on the day immediately preceding the Payment Date following the conclusion of any three consecutive DSCR Test (where the third DSCR Test performed is for the DSCR Test Period ending March 31, June 30, September 30 or December 31) for which the Aggregate DSCR for the Properties then subject to the Lien of the Mortgage exceeds ninety percent (90%) of the Closing Date DSCR.

Examples of Low DSCR Period in a sentence

• The HMA-QA Plan will include a brief narrative of the area of responsibilities of each HMA quality assurance team member and will describe the coordination of the activities of the Engineer, support staff and the QAT(s).

• Pursuant to and in accordance with the provisions of Section 3.1.1, during a Low DSCR Period, monies shall be transferred in accordance with Section 3.1.1 hereof from the Holding Account into the applicable Low DSCR Reserve Account and retained by Lender as additional security for the Indebtedness and shall be applied or disbursed as hereinafter provided.

• During any Low DSCR Period, in the event that Borrower incurs or is required to incur an extraordinary operating expense not set forth in the Approved Annual Budget relating to the Properties (each an “Extraordinary Operating Expense”), then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed Extraordinary Operating Expense for Xxxxxx’s approval.

• During any Low DSCR Period or Low Debt Yield Period, in the event that Borrower incurs or is required to incur an extraordinary operating expense not set forth in the Approved Annual Budget relating to the Properties (each an “Extraordinary Operating Expense”), then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed Extraordinary Operating Expense for Lender’s approval.

• Provided no Default or Event of Default shall have occurred and be continuing, Lender shall instruct the Cash Management Bank to transfer to Borrower's Account free and clear of all Liens, any amounts remaining in the Low DSCR Reserve Account within ten (10) Business Days after Borrower provides Lender with evidence satisfactory to Lender indicating that the Property has achieved the DSCR requirement set forth in subclause (ii) of the definition of Low DSCR Period in Section 1.1 hereof.

More Definitions of Low DSCR Period

Low DSCR Period shall (I) commence if the Debt Service Coverage Ratio is less than 1.20:1.00 as of any Calculation Date, provided, however, if any Tenant (pursuant to a Major Lease and/or a Lease Sweep Lease) shall become subject to a Tenant Adjustment Event, then the Underwritten Net Cash Flow as of the most recent Calculation Date may be immediately adjusted downward by Lender and to the extent said adjustment results in a Debt Service Coverage Ratio that is below 1.20:1.00, a Low DSCR Period shall immediately commence and (II) end if the Property has achieved a Debt Service Coverage Ratio of at least 1.25:1.00 for two consecutive Calculation Dates, as determined by Lender (provided that if the financial reports required under Sections 4.9.2 and 4.9.3 are not delivered to Lender as and when required hereunder, a Low DSCR Period shall be deemed to have commenced and be ongoing, unless and until such reports are delivered and they indicate that, in fact, no Low DSCR Period is ongoing).

Low DSCR Period means any period commencing on (i) the conclusion of any calendar quarter for which the Debt Service Coverage Ratio is less than 1.10:1.00, to (ii) the conclusion of any two consecutive calendar quarters thereafter for each of which the Debt Service Coverage Ratio is greater than or equal to 1.10:1.00.

Low DSCR Period shall commence if, based on the applicable Calculation Date Report, as of any Calculation Date, the DSCR Cash Trap Trigger Test is not satisfied, and shall end if (i) as of any two succeeding consecutive Calculation Dates, the DSCR Cash Trap Trigger Test shall have been satisfied (based on the applicable Calculation Date Reports) or (ii) immediately (without waiting for two (2) consecutive Calculation Dates) upon Borrower prepaying the principal amount of the Loan in an amount sufficient to cause the DSCR Cash Trap Trigger Test to be satisfied on a pro forma basis as of the most recent Calculation Date.

Low DSCR Period means any period (i) commencing on the Payment Date following the conclusion of any two (2) consecutive Fiscal Quarter DSCR Tests for which the DSCR for the Properties then subject to the Lien of the Security Instrument is less than 75% of Closing Date DSCR, and (ii) ending on the day immediately preceding the Payment Date following the conclusion of any two (2) consecutive Fiscal Quarter DSCR Tests for which the DSCR exceeds 75% of Closing Date DSCR. MANAGEMENT AGREEMENT shall mean, with respect to (i) the Grand Wailea Property, that certain Management Agreement, dated as of August 18, 2004, by and between KSL II Management Operations, LLC and CNL Resort Lodging Tenant Corp., (ii) the La Quinta Property, that certain Management Agreement, dated as of August 18, 2004, between CNL Resort Lodging Tenant Corp., CNL Resort Ancillary Tenant Corp., and CNL Resort Desert Real Estate, Inc. and KSL II Management Operations, LLC, and (iii) the Doral Property, that certain Management Agreement, dated as of August 16, 2004, between the CNL Resort Lodging Tenant Corp. and Marriot International, Inc., (iv) with respect to the Claremont Property, that certain Management Agreement, dated as of July 31, 2005, by and between CNL Resort Lodging Tenant Corp. and Interstate Management Company, LLC, and (v) with respect to the Biltmore Property, that certain Management Agreement, dated as of August 18, 2004, by and between CNL Resort Lodging Tenant Corp. and KSL II Management Operations, LLC, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with the terms hereof. MANAGEMENT CONTROL shall mean, with respect to any direct or indirect interest in the Borrower or the Property (not including Manager under an Approved Management Agreement), the power and authority to make and implement or cause to be made and implemented all material decisions with respect to the operation, management, financing and disposition of the specified interest. MANAGEMENT FEE shall mean an amount equal to the monthly property management fee payable to the Manager pursuant to the terms of the applicable Management Agreement for base management services. MANAGER shall mean (i) with respect to the La Quinta Property, the Grand Wailea Property, and the Biltmore Property, KSL II Management Operations, LLC, a Delaware limited liability company, (ii) with respect to the Claremont Property, Interstate Management Company, LLC, a Delaware limited liabi...

Low DSCR Period means any period (i) commencing on the Payment Date following the conclusion of any two (2) consecutive Fiscal Quarter DSCR Tests for which the DSCR for the Property is less than 1.05:1.00, and (ii) ending on the day immediately preceding the Payment Date following the conclusion of any two (2) consecutive Fiscal Quarter DSCR Tests for which the DSCR exceeds 1.05:1.00.

Low DSCR Period means the period of time commencing upon the occurrence of a Cash Flow Sweep Trigger Event and continuing thereafter unless and until the occurrence of a Debt Service Achievement Event.

Low DSCR Period means the period commencing upon a Low DSCR Triggering Event and ending upon a Low DSCR Termination Event".