O&M Operative Period means the period of time commencing upon the determination by Lender that the Debt Service Coverage (tested quarterly except during the continuance of an O&M Operative Period, in which event Debt Service Coverage shall be tested monthly and shall be calculated based upon information contained in the reports furnished to Lender pursuant to Section 2.09 hereof) is less than 1.05:1.0 for the preceding fiscal quarter and terminating, in each case, on the Payment Date next succeeding the date upon which Lender has determined that the Debt Service Coverage has been 1.05:1 or greater for the immediately preceding two fiscal quarters.
O&M Operative Period means the period of time (a) commencing upon the earlier to occur of (i) an Event of Default and (ii) determination by Lender that the Aggregate Debt Service Coverage (tested quarterly except during the continuance of an O&M Operative Period, in which event the Aggregate Debt Service Coverage shall be tested monthly and shall be calculated based upon information contained in the reports furnished to Lender pursuant to Section 2.09 hereof) is less than 1.10:1 and (b) and terminating (i) if the O&M Operative Period commenced pursuant to clause (a)(i) above, upon the cure of all Events of Default, provided that Lender accepts the cure of all Events of Default, the Loan has not been accelerated and Lender has not moved for the appointment of a receiver with respect to one or more Cross-collateralized Properties nor commenced foreclosure proceedings with respect to any Cross-collateralized Properties, and (ii) if the O&M Operative Period commenced pursuant to clause (a)(ii) above, on the Payment Date next succeeding the date upon which Lender determines that the Aggregate Debt Service Coverage for three (3) consecutive months is 1.10:1 or greater.
O&M Operative Period means the period of time commencing upon the determination by Lender, which determination shall be made in Lender’s reasonable discretion, that the Debt Service Coverage (tested quarterly except during the continuance of an O&M Operative Period, in which event the Debt Service Coverage shall be tested monthly and shall be calculated based upon information contained in the reports furnished to Lender pursuant to Section 2.09 hereof) is less than 1.05:1.00 and terminating on the Payment Date next succeeding the date upon which Lender reasonably determines that the Debt Service Coverage for two (2) consecutive calendar quarters is 1.05:1.00 or greater.
Examples of O&M Operative Period in a sentence
Employees shall not be permitted to accumulate more than forty-eight (48) hours of compensatory time, unless approved by the Sheriff.
Pursuant to the Collection Account Agreement of even date herewith, the bank in which the Collection Account is located has been instructed that all collected funds deposited in the Collection Account shall be automatically transferred through automated clearing house funds (“ACH”) or by Federal wire to the Central Account prior to 3:00 p.m. (New York City time) on the Business Day immediately prior to each Payment Date or, if an O&M Operative Period has occurred and is continuing, on a daily basis.
Provided that no Event of Default has occurred and is continuing, and no O&M Operative Period has existed for three (3) consecutive calendar months, Lender shall, upon written request from Borrower, release all sums contained in the Curtailment Reserve Escrow Account and the Operation and Maintenance Expense Escrow Account to Borrower.
Funds deposited into the Curtailment Reserve Escrow Account during an O&M Operative Period shall be held by Lender in the Curtailment Reserve Escrow Account as additional security for the Loan until the Loan has been paid in full.
Notwithstanding anything herein to the contrary, provided that no Event of Default and no O&M Operative Period has occurred and is continuing, Lender shall, upon written request from Borrower, disburse all sums contained in the Curtailment Reserve Escrow Account to Borrower.
More Definitions of O&M Operative Period
O&M Operative Period shall commence upon such time as Lender determines that there are not adequate sums in the Debt Service Reserve Escrow Account to make the required Debt Service payment due on the next Payment Date.
O&M Operative Period means the period of time commencing upon the determination by Lender that the Debt Service Coverage (tested quarterly except during the continuance of an O&M Operative Period, in which event the Debt Service Coverage shall be tested monthly and shall be calculated based upon information contained in the reports furnished to Lender pursuant to Section 2.09 hereof) is less than the Debt Service Coverage set forth on Exhibit H attached hereto and made a part hereof and terminating on the Payment Date next succeeding the date upon which Lender determines that the Debt Service Coverage for two (2) consecutive calendar quarters is equal to or greater than the Debt Service Coverage set forth on Exhibit H. In determining whether an O&M Operative Period exists, the calculation of Debt Service Coverage shall be made assuming the Principal Amount was prepaid in an amount equal to the O&M Deposit.
O&M Operative Period means the period of time (a) commencing upon the determination by Lender that the Debt Service Coverage (tested quarterly except during the continuance of an O&M Operative Period, in which event the Debt Service Coverage shall be tested monthly and shall be calculated based upon information contained in the reports furnished to Lender pursuant to Section 2.09 hereof) is less than 1.10:1, and (b) terminating on the Payment Date next succeeding the date upon which Lender reasonably determines that the Debt Service Coverage for two (2) consecutive calendar quarters is 1.10:1 or greater.
O&M Operative Period means the period of time commencing upon the occurrence of an Event of Default and ending upon the earlier to occur of (a) the acceleration of the Loan by Beneficiary or (b) the cure of such Event of Default by Grantor.
O&M Operative Period shall have the meaning set forth in Section 5.01 hereof.
O&M Operative Period means the period of time (a) commencing upon the earlier to occur of (i) an Event of Default and (ii) determination by Lender that the Debt Service Coverage (tested quarterly except during the continuance of an O&M Operative Period, in which event the Debt Service Coverage shall be tested monthly and shall be calculated based upon information contained in the reports furnished to Lender pursuant to Section 2.09 hereof) is less than 1.10:1 and (b) and terminating (i) if the O&M Operative Period commenced pursuant to clause (a)(i) above, upon the cure of all Events of Default, provided that Lender accepts the cure of all Events of Default, the Loan has not been accelerated and Lender has not moved for the appointment of a receiver with respect to the Property nor commenced foreclosure proceedings with respect to the Property, and (ii) if the O&M Operative Period commenced pursuant to clause (a)(ii) above, on the Payment Date next succeeding the date upon which Lender determines that the Debt Service Coverage for three (3) consecutive months is 1.10:1 or greater.
O&M Operative Period means the period of time (a) commencing upon the determination by Lender that the Aggregate Debt Service Coverage (tested quarterly except during the continuance of an O&M Operative Period, in which event the Aggregate Debt Service Coverage shall be tested monthly and shall be calculated based upon information contained in the reports furnished to Lender pursuant to Section 2.09 hereof) is less than 1.10:1 for each of the prior two (2) calendar quarters (but assuming for the purposes of this definition, a level monthly payment based on a thirty (30) year amortization schedule and the Interest Rate during any interest-only period under the Note) and (b) terminating on the Payment Date next succeeding the date upon which Lender determines that the Aggregate Debt Service Coverage for two (2) consecutive calendar quarters is 1.20:1 or greater. Notwithstanding the foregoing, the Aggregate Debt Service Coverage shall not be tested for the purpose of determining whether an O&M Operative Period exists prior to the Payment Date occurring in March, 2007.