Combined DSCR definition

Combined DSCR means the ratio of Net Income Available for Debt ------------- Service to All Indebtedness Debt Service for the period in question.
Sample 1Sample 2
Combined DSCR for any Whole Loan, Junior Participation Interest or Mezzanine Loan shall be the ratio (expressed as a decimal, followed by an “x”) of (A) the underwritten annualized net cash flow generated by the real property or properties that directly or indirectly secure such Whole Loan, Junior Participation Interest or Mezzanine Loan as determined by Buyer in its sole discretion, exercised in good faith, to (B) the annualized debt service (as determined below) for the Whole Loan, Junior Participation Interest or the Mezzanine Loan plus the annualized debt service (as determined below) for any and all senior and pari passu debt directly or indirectly secured by the real property or properties that collateralize such Whole Loan, Junior Participation Interest or Mezzanine Loan. The “debt service” for the Whole Loan, Junior Participation Interest or Mezzanine Loan, or senior or pari passu debt, as applicable, for purposes of the calculation in clause (B) shall be, with respect to each such debt, the greater of (1) the annualized debt service for such debt based upon the actual interest rate and amortization for such debt (provided that if the interest rate is determined by reference to a variable rate, the Buyer shall in its sole discretion, exercised in good faith, select an appropriate rate as the assumed rate to be used to calculate the Combined DSCR, which shall not be less than the rate which would apply assuming that the LIBOR or other base variable rate used under the related loan documents to determine the interest rate of the debt equals the “strike price” of any interest rate cap required and in place under the terms of the related loan documents), and (2) the debt service due at a stabilized debt service constant, in each case as determined by Buyer in its sole discretion, exercised in good faith.
Sample 1
Combined DSCR means EBITDA divided by Debt Service.
Sample 1

Examples of Combined DSCR in a sentence

  • Borrowers shall achieve a minimum Combined DSCR (as hereafter defined) of 1.35:1.00 on a trailing twelve (12) month basis.

  • Borrowers fail to comply with the Combined DSCR Covenant or the Cap Ex Covenant, or both, when and as required herein.


More Definitions of Combined DSCR

Combined DSCR for any Purchased Loan or proposed Purchased Loan shall be the ratio (expressed as a decimal, followed by an “x”) of (A) the underwritten annualized net cash flow generated by the real property or properties that directly or indirectly secure such Purchased Loan, as determined by Buyer in its sole discretion, exercised in good faith (which shall include consideration of interest reserves as a source of debt service payments to the extent such reserves are fully funded as of the date of purchase of such Purchased Loan hereunder), to (B) the annualized debt service or preferred return (as determined below) for the Purchased Loan plus the annualized debt service or preferred return (as determined below) for any and all senior and pari passu debt directly or indirectly secured by the real property or properties that collateralize such Purchased Loan. The “debt service” for the Purchased Loan or senior or pari passu debt, as applicable, or, in the case of a Preferred Equity Interest, the “preferred return,” for purposes of the calculation in clause (B) shall be, with respect to each such debt or preferred return, as applicable, the greater of (1) the annualized debt service for such debt or annualized preferred return, as applicable, based upon the actual interest rate and amortization for such debt or preferred return (provided that if the interest rate is determined by reference to a variable rate, the Buyer shall in its sole discretion, exercised in good faith, select an appropriate rate as the assumed rate to be used to calculate the Combined DSCR, which shall not be less than the rate which would apply assuming that the LIBOR or other base variable rate used under the related loan documents or organizational documents, as applicable, to determine the interest rate of the debt or preferred return equals the “strike price” of any interest rate cap required and in place under the terms of the related loan documents or organizational documents, as applicable), and (2) the debt service or preferred return, as applicable, due at a stabilized debt service or preferred return constant, in each case as determined by Buyer in its sole discretion, exercised in good faith.
Sample 1

Related to Combined DSCR

  • Combined Ratio means the sum of the loss ratio and the expense ratio. The combined ratio measures the proportion of the Company’s total cost to its premium earned and is used to assess the profitability of the Company’s insurance underwriting activities.

  • DBRS Equivalent Rating means, with respect to any Person not rated by DBRS, (i) if such Person is rated by all three of Xxxxx’x, Standard & Poor’s and Fitch Ratings, Ltd. (together, the “Equivalent Rating Agencies”), either (A) if at least two Equivalent Rating Agencies have provided equivalent ratings with respect to such Person, the DBRS equivalent of such equivalent ratings (regardless of any rating from another Equivalent Rating Agency) or (B) otherwise, the median of the DBRS equivalents of the ratings for such Person provided by each of the three Equivalent Rating Agencies, (ii) if such Person is rated by any two of the Equivalent Rating Agencies, the DBRS equivalent of the lower of the ratings for such Person provided by the relevant Equivalent Rating Agencies or (iii) if such Person is rated by only one of the Equivalent Rating Agencies, the DBRS equivalent of the rating for such Person provided by such Equivalent Rating Agency.

  • Applicable Measurement Period means the most recently completed four consecutive fiscal quarters of the Issuer immediately preceding the Applicable Calculation Date for which internal financial statements are available.

  • Equity Ratio means the ratio of Equity to Total Assets.

  • Adjusted NOI means, with respect to any Property for the Current Reporting Quarter, annualized, an amount equal to (a) the aggregate gross revenues (excluding non-cash revenues) from the operations of such Property during such period, minus (b) the sum of (i) all expenses and other proper charges incurred in connection with the operation of such Property during such period (including real estate taxes, but excluding any property and asset management fees, debt service charges, income taxes, depreciation, amortization and other non-cash expenses and excluding capital expenditures), (ii) a management fee equal to the greater of (A) two percent (2%) of the aggregate gross base rental revenues (excluding non-cash revenues) from the operations of such Property during such period and (B) actual property management fees paid, and (iii) a replacement reserve of $0.10 per square foot (excluding any Property acquired during the Current Reporting Quarter). Adjusted NOI shall exclude the amount of any revenues and expenses from any Dark Property. Adjusted NOI shall be increased, without duplication, by (i) annualized rental revenues (excluding non-cash revenues), net of associated expenses, from any new lease which went into effect with the tenant taking occupancy (or any lease with respect to any Property acquired during the Current Reporting Quarter) and the Borrower is recognizing revenue from such tenant in accordance with GAAP during such Current Reporting Quarter, and (ii) annualized gross base rental revenues (excluding non-cash revenues) for the first monthly gross base rental payment for any lease in a free rent period and the Borrower is recognizing revenue from the applicable tenant in accordance with GAAP during such Current Reporting Quarter.

  • Cash Flow Ratio means, as at any date, the ratio of (a) the sum of the aggregate outstanding principal amount of all Indebtedness of the Company and the Restricted Subsidiaries determined on a consolidated basis, but excluding all Interest Swap Obligations entered into by the Company or any Restricted Subsidiary and one of the Banks outstanding on such date, plus (but without duplication of Indebtedness supported by letters of credit) the aggregate undrawn face amount of all letters of credit outstanding on such date to (b) Annualized Operating Cash Flow determined as at the last day of the most recent month for which financial information is available.

  • Applicable Multiplier means, with respect to any Rate Period for any Series of RVMTP Shares, the percentage set forth opposite the applicable credit rating most recently assigned to such Series by the Rating Agency in the table below on the Rate Determination Date for such Rate Period: Long-Term Ratings* Fitch Applicable Multiplier AAA to AA- 100% A+ to A- 000% BBB+ to BBB- 140% *And/or the equivalent ratings of any other Rating Agency then rating the RVMTP Shares utilizing the highest of the ratings of the Rating Agencies then rating the RVMTP Shares.

  • Adjusted Leverage Ratio means, on any date, the ratio of (a) Total Debt as of such date to (b) Adjusted Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower most recently ended as of such date, all determined on a consolidated basis in accordance with GAAP.

  • Total Net Leverage Ratio means, as of any date of determination, the ratio, on a Pro Forma Basis, of (a) Consolidated Total Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed Test Period.

  • Consolidated Total Net Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated Total Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

  • Top-Heavy Ratio means the following:

  • Consolidated Capitalization Ratio on the last day of any fiscal quarter, the ratio of (a) Consolidated Total Indebtedness to (b) Consolidated Capital.

  • Measurement Period means, at any date of determination, the most recently completed four fiscal quarters of the Borrower.

  • Measurement Time means 12:01 a.m. Eastern Time on the Closing Date.

  • Consolidated Fixed Charge Coverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Adjusted EBITDA to (b) Consolidated Fixed Charges, in each case, for the most recently completed four (4) fiscal quarters.

  • Consolidated Fixed Charge Ratio means, with respect to the Borrowers for the period of computation thereof, the ratio of (i) Consolidated EBITDA for such period plus Consolidated Lease Expense for such period, to (ii) Consolidated Fixed Charges for such period;

  • Measurement Date has the meaning set forth in Section 3.3(a).

  • Minimum DSCR means, with respect to a Supplemental Loan, (i) if the Senior Indebtedness bears interest at a fixed rate, 1.25:1, or (ii) if the Senior Indebtedness bears interest at a floating rate, 1.10:1.

  • Maximum Leverage Ratio shall have the meaning assigned thereto in the Pricing Side Letter.

  • Cumulative Net Loss Ratio means, as of any Payment Date, the ratio (expressed as a percentage) of (i) the aggregate Principal Balance of Receivables that became Defaulted Receivables plus all the Cram Down Losses (without duplication) which occurred during the period from the Cut-Off Date through the end of the related Collection Period reduced by the amount of Liquidation Proceeds with respect to Defaulted Receivables received during such period which are applied to principal of the Defaulted Receivables to (ii) the Pool Balance as of the Cut-Off Date.

  • Cash Flow Leverage Ratio means, as of any time the same is to be determined, the ratio of (a) Funded Debt as of the last day of the most recent four fiscal quarters of the Company then ended minus Excess Cash as of the last day of the same such period to (b) EBITDA for the same most recent four fiscal quarters then ended.

  • Performance Measurement Period has the meaning set forth in Section 3.1(e)(ii).

  • Consolidated Total Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Total Indebtedness on such date to (b) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date.

  • Adjusted Dilution Ratio means, at any time, the rolling average of the Dilution Ratio for the 12 Calculation Periods then most recently ended.

  • Leverage Factor means the leverage factor in respect of a Series of ETP Securities as specified in the relevant Final Terms.