Service Cover definition
Examples of Service Cover in a sentence
If you do not authorise the work we may immediately terminate Service Cover.
The Debt Service Cover Ratio is determined to be less than 1.1:1 for any Calculation Period.
In the case of Service Cover, not less than 90 days notice in writing must be given.
If the Debt Service Cover Ratio is not agreed within ten Business Days of notification by the Facility Agent under paragraph (b) above, the matter will be referred to the Owner’s auditor whose written determination, addressed to the Facility Agent and the Owner, shall (except in the case of manifest error) be final and binding.
The Borrower shall ensure that the Annual Debt Service Cover Ratio does not fall below 110 per cent.
The Borrower will calculate the Annual Debt Service Cover Ratio and the Senior Debt/EBITDA Cover Ratio on each Repayment Date and on the basis of the financial statements most recently delivered to the Agent pursuant to Clauses 18.1.1(a), 18.1.1(b) or as the case may be Clause 9.4.3(c)(ii).
Either party may give written notice to the other party, not later than 90 days before the end of the Initial Term or the relevant Renewal Term, to terminate Service Cover at the end of the Initial Term or the relevant Renewal Term, as the case may be.
Service Cover shall commence on signature of the Agreement, except where Service Cover relates to a lease agreement with you then it commences on the date of Delivery (as defined in your lease agreement) and unless terminated earlier in accordance with this clause, Service Cover shall continue for a 12 month period (Initial Term) and shall automatically extend for 12 months (Renewal Term) at the end of the Initial Term and at the end of each Renewal Term.
Failure by the Borrower to meet the Annual Debt Service Cover Ratio as provided for in Clause 17.1 (Annual Debt Service Cover Ratio), unless waived by the Majority Lenders.
Testing of the Debt Service Cover Ratio shall be made first time eighteen (18) months after the Delivery Date of the relevant Drillship.