Release of Debt Service Reserve Sample Clauses

Release of Debt Service Reserve. At such time that (i) the Project is fully stabilized for a full calendar year and (ii) the Debt Service Coverage Ratio is greater than 1.50:1.0, as evidenced by Bxxxxxxx’s Financial Statements, the Debt Service Reserve shall be released to Borrower.
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Release of Debt Service Reserve. Following the date which is twelve (12) months after the date that Borrower actually deposits funds in the Debt Service Reserve Deposit or delivers the Letter of Credit, upon written request from Borrower, Lender shall, on each Payment Date (until all funds in the Debt Service Reserve have been applied), apply a portion of the Debt Service Reserve or reduce the Letter of Credit by an amount equal to the Monthly Debt Service Payment Amount due for such Payment Date provided that (i) no Event of Default has occurred and is continuing, (ii) the Debt Service Coverage Ratio for the twelve (12) full calendar month period immediately preceding the date of the applicable Payment Date (assuming an interest rate constant equal to the Cure Contract Rate) is at least equal to 1.65:1.00 (the "Required Application Ratio"). Notwithstanding the foregoing, in the event that Lender commences applying the funds in the Debt Service Reserve pursuant to Section 7.5 hereof (such period the "Application Period") and the Required Application Ratio is not maintained during the Application Period, Lender shall suspend applying the Debt Service Reserve until the later of (i) the Payment Date that is three months from the date of such suspension and (ii) the Payment Date upon which the Required Application Ratio is achieved.
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Release of Debt Service Reserve. Amounts on deposit in the Debt Service Reserve shall be released and applied in accordance with the provisions of the Mortgage Loan Agreement.
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Release of Debt Service Reserve. All amounts contained in the Debt Service Reserve shall be released to Borrower upon satisfaction of the following conditions: (i) Borrower has delivered to Administrative Agent a certification from Borrower certifying that (A) as of the date of the most recent financial statements required to be delivered pursuant to Section 7.1(a)(i), (1) the Project Yield, based upon the six (6) month period ending on such date, is equal to or greater than 9.00%, and (2) the Debt Service Coverage Ratio, based upon the three (3) month period ending on such date, is equal to or greater than 1.25 to 1.00 and (B) all construction necessary for occupation of at least thirty-two (32) Residential Units by assisted living or memory care residents has been completed; (ii) the Relicensing has occurred, and Borrower has delivered to Administrative Agent a copy of any Primary License necessary to operate the Project as an assisted senior living or memory care facility; (iii) Administrative Agent shall have verified to its reasonable satisfaction that the Project Yield and the Debt Service Coverage Ratio as of the date certified by Borrower pursuant to clause (i) of this Section and as of the date of the most recent financial statements required to be delivered pursuant to Section 7.1(a)(i), is equal to or greater than 9.00% and 1.25 to 1.00, respectively, as of the last day of the periods specified in clause (i); (iv) if requested by Administrative Agent, Administrative Agent shall have inspected the Project; and (v) no Potential Default or Event of Default is in existence as of the date of such release.
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Related to Release of Debt Service Reserve

  • Debt Service Reserve Reserved.

  • Debt Service Reserve Account The Debt Service Reserve Account shall have been funded (or credited with funds), to the extent required, in an amount equal to the Debt Service Reserve Required Amount in accordance with the Depositary Agreement.

  • Monthly Debt Service Payments Borrower shall pay to Lender (a) on the Closing Date, an amount equal to interest only on the outstanding principal balance of the Loan for the initial Accrual Period and (b) on September 1, 2010, and on each Payment Date thereafter up to and including the Maturity Date, the Monthly Debt Service Payment Amount, which payments shall be applied first to accrued and unpaid interest and the balance to principal.

  • Debt Service The provisions of this Section 3.9 regarding disbursements shall include the payment of debt service related to any mortgages of the Property, unless otherwise instructed in writing by Owner.

  • Debt Service Ratio In the event that the amount of Borrower's unrestricted cash maintained at Bank is less than $1,200,000.00, a ratio of (i) net income plus interest, depreciation, amortization, unfunded capital expenditures, and cash taxes paid, calculated based on the three (3) month period ending as of the date tested, to (ii) principal and interest expense with respect to the Obligations, calculated based on the three (3) month period ending as of the date tested, of greater than 1.25 to 1.0."

  • Debt Service Coverage Ratio Not permit the Debt Service Coverage Ratio on the last day of each Fiscal Quarter to be less than 3.50 to 1.00.

  • Consolidated Debt Service Coverage Ratio Permit the Consolidated Debt Service Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than 1.25:1.00.

  • Minimum Debt Service Coverage Ratio As of the end of each fiscal quarter, commencing with the fiscal quarter ending June 30, 2021, the Borrowers shall not permit the Debt Service Coverage Ratio, determined on a consolidated basis for the Consolidated Parties, to be less than 2.00 to 1.00.

  • Maintenance of Effective Leverage Ratio For so long as the Fund fails to provide the information required under Sections 6.1(o) and 6.1(p), Xxxxx Fargo shall calculate, for purposes of Section 2.5(b)(ii)(A)(y) of the Statement, the Effective Leverage Ratio using the most recently received information required to be delivered pursuant to Sections 6.1(o) and 6.1(p) and the market values of securities determined by the third-party pricing service which provided the market values to the Fund on the most recent date that information was properly provided by the Fund pursuant to the requirements of Section 6.1(o) and 6.1(p). The Effective Leverage Ratio as calculated by Xxxxx Fargo in such instances shall be binding on the Fund. If required, the Fund shall restore the Effective Leverage Ratio as provided in the Statement. For purposes of calculating the Effective Leverage Ratio, any Overconcentration Amount shall be subtracted from the sum determined pursuant to sub-section (ii) of the definition of Effective Leverage Ratio, set out in Section 2.4(d) of the Statement. In connection with calculating the Effective Leverage Ratio, the Fund’s total assets and accrued liabilities shall reflect the positive or negative net obligations of the Fund under each Derivative Contract determined in accordance with the Fund’s valuation policies.

  • RECONCILIATION OF RESERVE ACCOUNT Beginning Reserve Account Balance Reserve Account Deposits Made Reserve Account Draw Amount Ending Reserve Account Balance Change in Reserve Account Balance Specified Reserve Balance

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