Examples of Facility Debt Service in a sentence
Notwithstanding the characterization assigned to the payments under this Section 2.5.5, such payment obligation shall be deemed interest payable under the Agreement for the purpose of calculating the Facility Debt Service.
As of the last day of each Fiscal Quarter of the Borrower, the Borrower shall not permit the ratio of Eligible Property NOI to the sum of (i) Unsecured Debt Service with respect to indebtedness that is pari passu in rank to the indebtedness under the Credit Agreement, plus (ii) Credit Facility Debt Service, to be less than 2.25 to 1.0.
In the event that the Facility Debt Service Coverage Ratio shall continue to be less than required pursuant to Section 2.5.3.2 or the Loan to Value Ratio shall exceed the ratio permitted in accordance with Section 2.5.3.1 for a period of ninety (90) consecutive days from the date of Borrower’s receipt of Notice of such non-compliance, the same shall constitute an Event of Default.
In making payments of principal of, premium, if any, and interest on the Bonds, the Trustee shall (a) first use all amounts held in the Credit Facility Debt Service Account, (b) then use all other Available Amounts held in the Bond Fund, and (c) then use any other Revenues received by the Trustee.
All payments to be made by a Sponsor or, as the case may be, a Subordinated Loan Creditor under this Clause 6 shall be made no later than the due date for the relevant payments to the relevant Debt Service Account or, following the occurrence of an Event of Default which is continuing, as the Intercreditor Agent or the Offshore Security Trustee and Agent may from time to time direct, provided that in each case, such proceeds may be applied only towards meeting Facility Debt Service.