O&M Operative Period means the period of time commencing upon the determination by Lender that the Debt Service Coverage (tested quarterly except during the continuance of an O&M Operative Period, in which event Debt Service Coverage shall be tested monthly and shall be calculated based upon information contained in the reports furnished to Lender pursuant to Section 2.09 hereof) is less than 1.05:1.0 for the preceding fiscal quarter and terminating, in each case, on the Payment Date next succeeding the date upon which Lender has determined that the Debt Service Coverage has been 1.05:1 or greater for the immediately preceding two fiscal quarters.
O&M Operative Period means the period of time (a) commencing upon the earlier to occur of (i) an Event of Default and (ii) determination by Lender that the Aggregate Debt Service Coverage (tested quarterly except during the continuance of an O&M Operative Period, in which event the Aggregate Debt Service Coverage shall be tested monthly and shall be calculated based upon information contained in the reports furnished to Lender pursuant to Section 2.09 hereof) is less than 1.10:1 and (b) and terminating (i) if the O&M Operative Period commenced pursuant to clause (a)(i) above, upon the cure of all Events of Default, provided that Lender accepts the cure of all Events of Default, the Loan has not been accelerated and Lender has not moved for the appointment of a receiver with respect to one or more Cross-collateralized Properties nor commenced foreclosure proceedings with respect to any Cross-collateralized Properties, and (ii) if the O&M Operative Period commenced pursuant to clause (a)(ii) above, on the Payment Date next succeeding the date upon which Lender determines that the Aggregate Debt Service Coverage for three (3) consecutive months is 1.10:1 or greater.
O&M Operative Period means the period of time commencing upon the determination by Lender, which determination shall be made in Lender’s reasonable discretion, that the Debt Service Coverage (tested quarterly except during the continuance of an O&M Operative Period, in which event the Debt Service Coverage shall be tested monthly and shall be calculated based upon information contained in the reports furnished to Lender pursuant to Section 2.09 hereof) is less than 1.05:1.00 and terminating on the Payment Date next succeeding the date upon which Lender reasonably determines that the Debt Service Coverage for two (2) consecutive calendar quarters is 1.05:1.00 or greater.
Examples of O&M Operative Period in a sentence
Provided that no Event of Default has occurred and is continuing, and no O&M Operative Period has existed for three (3) consecutive calendar months, Lender shall, upon written request from Borrower, release all sums contained in the Curtailment Reserve Escrow Account and the Operation and Maintenance Expense Escrow Account to Borrower.
During any O&M Operative Period, the management fee payable to Manager shall be limited to 4% per annum of the total revenues of the Property and shall not include the 2.5% Allocable Chain Expense (as defined in the Management Agreement).
Pursuant to the Collection Account Agreement of even date herewith, the bank in which the Collection Account is located has been instructed that all collected funds deposited in the Collection Account shall be automatically transferred through automated clearing house funds (“ACH”) or by Federal wire to the Central Account prior to 3:00 p.m. (New York City time) on the Business Day immediately prior to each Payment Date or, if an O&M Operative Period has occurred and is continuing, on a daily basis.
Funds deposited into the Curtailment Reserve Escrow Account during an O&M Operative Period shall be held by Lender in the Curtailment Reserve Escrow Account as additional security for the Loan until the Loan has been paid in full.
Notwithstanding anything herein to the contrary, provided that no Event of Default and no O&M Operative Period has occurred and is continuing, Lender shall, upon written request from Borrower, disburse all sums contained in the Curtailment Reserve Escrow Account to Borrower.
More Definitions of O&M Operative Period
O&M Operative Period means the period of time commencing upon the determination by Lender that the Debt Service Coverage (tested quarterly except during the continuance of an O&M Operative Period, in which event the Debt Service Coverage shall be tested monthly and shall be calculated based upon information contained in the reports furnished to Lender pursuant to Section 2.09 hereof) is less than the Debt Service Coverage set forth on Exhibit H attached hereto and made a part hereof and terminating on the Payment Date next succeeding the date upon which Lender determines that the Debt Service Coverage for two (2) consecutive calendar quarters is equal to or greater than the Debt Service Coverage set forth on Exhibit H. In determining whether an O&M Operative Period exists, the calculation of Debt Service Coverage shall be made assuming the Principal Amount was prepaid in an amount equal to the O&M Deposit.
O&M Operative Period shall commence upon such time as Lender determines that there are not adequate sums in the Debt Service Reserve Escrow Account to make the required Debt Service payment due on the next Payment Date.
O&M Operative Period means the period of time commencing upon the determination by Lender that the Debt Service Coverage (tested quarterly except during the continuance of an O&M Operative Period, in which event the Debt Service Coverage shall be tested monthly and shall be calculated based upon information contained in the reports furnished to Lender pursuant to Section 2.09 hereof) is less than 1.05:1 and terminating on the Payment Date next succeeding the date upon which Lender determines that the Debt Service Coverage for two (2) consecutive calendar months is 1.20:1 or greater.
O&M Operative Period means the period of time commencing upon the earlier to occur of (a) an Event of Default and (b) the Optional Prepayment Date and terminating upon the earlier to occur of (i) repayment of the Debt in full and (ii)(A) if the O&M Operative Period has commenced as a result of an Event of Default of the types set forth in clauses (a), (b), (c), (e), (g) (to the extent (g) applies to a representation or warranty given after the Closing Date), (j), (m) or (o) of Section 13.01 hereof, upon the curing of such Event of Default; provided that the O&M Operative Period may only be terminated pursuant to this clause (b) one (1) time during the Loan (i.e., if an Event of Default of the types set forth in clause (ii)(A) occurs more than once during the term of the Loan, the O&M Operative Period shall not terminate prior to the payment of the Debt in full) or (B) if the O&M Operative Period has commenced as a result of an Event of Default of the type set forth in clause (k) of Section 13.01 hereof, upon the curing of such Event of Default.
O&M Operative Period means the period of time commencing upon the earlier to occur of (a) an Event of Default and (b) the Optional Prepayment Date and terminating upon the earlier to occur of (i) repayment of the Debt in full and (ii) (A) if the O&M Operative Period has commenced as a result of an Event of Default of the types set forth in clauses (a), (b), (c), (e), (g) (to the extent (g) applies to a representation or
O&M Operative Period means the period of time (a) commencing upon the determination by Lender that the Debt Yield (tested quarterly except during the continuance of an O&M Operative Period, in which event the Debt Yield shall be tested monthly and shall be calculated based upon information contained in the reports furnished to Lender pursuant to Section 2.09 hereof) is less than or equal to 7.65% with respect to the first (1st) Loan Year or 8.25% thereafter and (b) terminating on the Payment Date next succeeding the date upon which Lender determines that the Debt Yield for four (4) consecutive months is equal to or greater than 7.65% in the first (1st) Loan Year or 8.25% thereafter.
O&M Operative Period means the period of time (a) commencing upon the earlier to occur of (i) an Event of Default and (ii) determination by Lender that the Debt Service Coverage (tested quarterly except during the continuance of an O&M Operative Period, in which event the Debt Service Coverage shall be tested monthly and shall be calculated based upon information contained in the reports furnished to Lender pursuant to Section 2.09 hereof) is less than 1.10:1 and (b) and terminating (i) if the O&M Operative Period commenced pursuant to clause (a)(i) above, upon the cure of all Events of Default, provided that Lender accepts the cure of all Events of Default, the Loan has not been accelerated and Lender has not moved for the appointment of a receiver with respect to the Property nor commenced foreclosure proceedings with respect to the Property, and (ii) if the O&M Operative Period commenced pursuant to clause (a)(ii) above, on the Payment Date next succeeding the date upon which Lender determines that the Debt Service Coverage for three (3) consecutive months is 1.10:1 or greater.