Pro Forma DSCR definition
Pro Forma DSCR means, as of any particular date of determination, the quotient obtained by dividing Adjusted Net Cash Flow for the full twelve (12) month period immediately preceding the month containing such date by the Adjusted Debt Service for the full twelve (12) month period commencing on the first day of the month in which such date of determination occurs, in each case, as reasonably determined and calculated by Lender.
Pro Forma DSCR means, as of any date, the ratio of (A) the then-current Pro Forma NOI to (B) the then-current Implied Annual Debt Service using the then-current Maximum Loan Amount or, for purposes of determining any increase in the Maximum Loan Amount under Section 2.1(a) below based on an Appraisal which Borrower elects to direct the Administrative Agent to order prior to June 30, 2011, the greatest Maximum Loan Amount that will not cause the Pro Forma DSCR to be less than 1.25 to 1.0.
Pro Forma DSCR means, as of any Disposition Date, the ratio of (a) the sum of (i) the sum of the aggregate SPV Fleet Owner Net Cash Flows for all Remaining Box Trucks as of such Disposition Date during the six Monthly Periods preceding the Determination Date immediately preceding such Disposition Date (or, if such Disposition Date is also a Determination Date, during the six Monthly Periods preceding such Determination Date) (which, for the avoidance of doubt, shall not include the amount of any Monthly Advance) and (ii) all Investment Income (other than Investment Income earned on amounts on deposit in the Box Truck Purchase Account) for such six Monthly Periods to (b) the sum of (i) the sum of (X) the Pro Forma Targeted Principal Amount, (Y) the Pro Forma Interest Amount and (Z) the Pro Forma Premium, in each case as of each of the six Determination Dates preceding such Disposition Date (or, if such Disposition Date is also a Determination Date, as of such Determination Date and the five Determination Dates preceding such Determination Date) and (ii) any Targeted Note Balance Shortfall on the seventh Determination Date preceding such Disposition Date (or, if such Disposition Date is also a Determination Date, on the sixth Determination Date preceding such Determination Date); provided that on any Disposition Date occurring prior to the seventh Determination Date immediately following the Effective Date, the Pro Forma DSCR shall be calculated based only on the number of Monthly Periods and Determination Dates occurring since the Effective Date.
Examples of Pro Forma DSCR in a sentence
Borrower represents and warrants to Lender that for purposes of Section 11.1(x) of the ▇▇▇▇▇ Fargo Mortgage Loan Agreement, the Pro Forma DSCR (as defined in the ▇▇▇▇▇ Fargo Mortgage Loan Agreement) immediately following (and taking into account) the Transaction is equal to or greater than the Pro Forma DSCR (as defined in the ▇▇▇▇▇ Fargo Mortgage Loan Agreement) immediately prior to the Transaction.
For purposes of making the computation of the Senior Leverage Ratio, P&I DSCR, Interest-Only DSCR or New Series Pro Forma DSCR (including, without limitation, the calculation of Net Cash Flow used therein), whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Manager.
For the avoidance of doubt, if any of the calculations of the Senior Leverage Ratio, P&I DSCR, Interest-Only DSCR or New Series Pro Forma DSCR described in this Section 14.18(b) is not completed by the applicable Quarterly Calculation Date, the Issuer may grant a grace period for such calculation in its sole reasonable discretion.
If such most recent Appraisal is obtained and approved prior to the First Extended Maturity Date, the Maximum Loan Amount shall be reduced to the lower of (A) seventy-five percent (75%) of the projected value of the Project on Stabilization established by such subsequent Appraisal or (B) the largest Maximum Loan Amount that will produce a Pro Forma DSCR of 1.25 to 1.0, based on the expenses projected in such subsequent Appraisal.
For purposes of making the computation of the Senior Leverage Ratio, DSCR, Interest-Only DSCR or New Series Pro Forma DSCR (including, without limitation, the calculation of Net Cash Flow used therein), whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Manager.
More Definitions of Pro Forma DSCR
Pro Forma DSCR with respect to each Payment Date, an amount equal to the ratio calculated by dividing (a) the related Pro Forma Adjusted Net Cash Flow, by (b) the related Pro Forma Debt Service.
Pro Forma DSCR means, as of any Disposition Date, the ratio of (a) the sum of (i) the sum of the aggregate SPV Fleet Owner Net Cash Flows for all Remaining Box Trucks as of such Disposition Date during the twelve (12) Monthly Periods preceding the Determination Date immediately preceding such Disposition Date (or, if such Disposition Date is also a Determination Date, during the twelve (12) Monthly Periods preceding such Determination Date) (which, for the avoidance of doubt, shall not include the amount of any Monthly Advance) and (ii) all Investment Income (other than Investment Income earned on amounts on deposit in the Box Truck Purchase Account) for such twelve (12) Monthly Periods to (b) the sum of (i) the sum of (X) the Pro Forma Targeted Principal Amount and (Y) the Pro Forma Interest Amount, in each case as of each of the twelve (12) Determination Dates preceding such Disposition Date (or, if such Disposition Date is also a Determination Date, as of such Determination Date and the eleven (11) Determination Dates preceding such Determination Date) and (ii) any Targeted Note Balance Shortfall on the thirteenth (13th) Determination Date preceding such Disposition Date (or, if such Disposition Date is also a Determination Date, on the twelfth (12th) Determination Date preceding such Determination Date); provided that on any Disposition Date occurring prior to the thirteenth (13th) Determination Date immediately following the Effective Date, the Pro Forma DSCR shall be calculated based only on the number of Monthly Periods and Determination Dates occurring since the Effective Date.
Pro Forma DSCR means, as of any date, the ratio of (A) the then-current Pro Forma NOI to (B) the then-current Implied Annual Debt Service.
Pro Forma DSCR means, as of the 7th Business Day of the calendar month following any Pro Forma DSCR Calculation Period, the ratio of:
Pro Forma DSCR. As of any date of determination (1) in the case of disposition of an Asset pursuant to Section 11.6(a) of the Security Agreement, the ratio of (i) the Rolling 6 Month Revenue for such date of determination, but only taking into account for purposes of determining the Rolling 6 Month Revenue, the revenue generated by those Assets constituting the Collateral exclusive of those Assets disposed of as referred to below, to (ii) the aggregate amount of principal and interest payable for the next two succeeding Payment Dates commencing at least 90 days after such redemption on all of the Notes Outstanding after taking into account the effect of the related partial redemption of the related Co-Issuer’s Note pursuant to Section 11.2(b) of the Security Agreement and (2) in the case of disposition of its equity interest in a Co-Issuer by the Issuer pursuant to Section 11.6(b) of the Security Agreement, the ratio of (i) the Rolling 6 Month Revenue for such date of determination, but only taking into account for purposes of determining the Rolling 6 Month Revenue, the revenue generated by those Assets constituting the Collateral exclusive of any Assets owned by the Co-Issuer, the equity interest in which was disposed of by the Issuer as referred to above to (ii) the aggregate amount of principal and interest payable for next two succeeding Payment Dates commencing at least 90 days after such redemption on all of the Notes Outstanding after taking into account the related redemption in full of the related Co-Issuer’s Note pursuant to Section 11.2(c) of the Security Agreement.
Pro Forma DSCR means the DSCR, as tested on the relevant Funding Date on a forward looking 3-month basis assuming that all Aircraft that have not yet been funded as of such date are funded on such date and that the drawn amounts in respect of such Aircraft are the amounts set forth for such Aircraft in the model; · each of the conditions to the purchase of the applicable Aircraft pursuant to the Share Purchase Agreement shall have been met to the reasonable satisfaction of the Administrative Agent (and no provision of the Share Purchase Agreement shall be waived, amended, supplemented or otherwise modified (including any consents thereunder) in a manner material and adverse to the Underwriters without the consent of each Underwriter), any changes to the "Steps Plan" (material and adverse to the Underwriters) applicable to the relevant aircraft which require the consent of the Purchaser shall be satisfactory to the Administrative Agent acting reasonably, and any disclosure (material and adverse to the Underwriters) against the relevant seller's representations and warranties under the Sale and Purchase Agreement which needs to be satisfactory to the Purchaser shall be satisfactory to the Administrative Agent; · the Aircraft being subject to a Lease Default Agreement and Tri-partite agreement relating to the "power by hour" maintenance arrangements in respect of the Aircraft in substantially the form reviewed by the Underwriters prior to the date hereof and with such changes that are reasonably satisfactory to the Underwriters (it being understood that such agreements may not permit collateral assignment to financiers, but if they do the Borrower will cause HoldCo to take such actions contemplated by such agreements in respect of a collateral assignment either prior to Lease delivery or as a post-delivery undertaking); and · any other conditions precedent which are customary for transactions of this nature that are agreed between the parties. Servicer Termination Events Customary Servicer Termination Events shall be applicable, including without limitation: · the Servicer materially breaches the Servicing Agreement (including, without limitation, its obligation to act in accordance with the standard of care), and such breach continues unremedied for 60 days following a request from the Borrower or the Borrower Loan Security Trustee requiring such breach to be remedied; · the Servicer acts with gross negligence, willful misconduct, bad faith or reckless disregard under the ...
Pro Forma DSCR means, at any time, the ratio of