Required Debt Service Coverage definition

Required Debt Service Coverage means a Debt Service Coverage of not less than 1.2:1.
Sample 1Sample 2Sample 3
Required Debt Service Coverage means a Debt Service Coverage of not less than 1.20:1.0.
Sample 1Sample 2
Required Debt Service Coverage means a Debt Service Coverage of not less than 1.25.
Sample 1Sample 2

Examples of Required Debt Service Coverage in a sentence

  • If as of the next succeeding Test Date the Ongoing Debt Service Coverage Ratio shall equal or exceed the Minimum Required Debt Service Coverage Ratio, provided that no Default exists, any funds held in the Interest Reserve Account will be released to Borrower.

  • If as of the next succeeding Test Date the Ongoing Debt Service Coverage Ratio shall equal or exceed the Minimum Required Debt Service Coverage Ratio, provided that no Event of Default exists, any funds held in the Interest Reserve Account will be released to Borrowers.

  • If as of the next succeeding Test Date the Ongoing Debt Service Coverage Ratio shall equal or exceed the Minimum Required Debt Service Coverage Ratio, provided that no Event of Default exists, any funds held in the Interest Reserve Account will be released to Borrower.

  • Should the Ongoing Debt Service Coverage Ratio be less than the Minimum Required Debt Service Coverage Ratio for two (2) consecutive Test Dates, Borrower must, within ten (10) Banking Days after receipt of written notice from Lender, repay the Loan in an amount sufficient to cause the Ongoing Debt Service Coverage Ratio to be at least 1.30:1.00 as of such second Test Date.

  • During the pendency of any Dispute, the Company shall continue to pay the Executive the full compensation in effect when the notice giving rise to the Dispute was given (including, but not limited to, salary) and continue the Executive (and, where applicable, the Executive’s family) as a participant in all compensation, benefit and insurance plans in which the Executive was participating when the notice giving rise to the Dispute was given, until such Dispute is resolved.

  • Company’s Debt Service Coverage Ratio as of the end of the period covered by Certificate: Required Debt Service Coverage Ratio: 1.5:1.0 Calculation of Debt Service Coverage Ratio: Earnings before Interest , Income taxes , Depreciation , Amortization and Non-recurring renovation/remodel expenses funded with the proceeds of a Loan or other non-operating sources , divided by Principal and interest payments on the aggregate first mortgage term debt scheduled and paid during the trailing 4 quarters Equals .

  • If the Debt Service Coverage Ratio (Actual) as of any date falls below the Required Debt Service Coverage Ratio (Actual), the Borrowers shall promptly enter into, or shall cause an Affiliate of the Borrowers approved by the Lender to enter into, an Interest Rate Protection Agreement and shall collaterally assign the Interest Rate Protection Agreement, or cause it to be collaterally assigned, to the Lender pursuant to an Assignment of Interest Rate Protection Agreement.

  • The Debt Service Coverage Ratio for the Hotel covered by this Pool Two Certificate: Required Debt Service Coverage Ratio: 1.25:1.0 Calculation of Debt Service Coverage Ratio: Earnings before Interest , Income taxes , Depreciation , Amortization and Non-recurring renovation/remodel expenses funded with the proceeds of a Loan or other non-operating sources , divided by Principal and interest payments on the aggregate first mortgage term debt scheduled and paid during the trailing 4 quarters Equals .

  • If, at any time prior to the beginning of Year 4, (A) all Events of Default that shall have occurred shall have been waived by the Lender; (B) each Debt Service Coverage Ratio is greater than or equal to the Required Debt Service Coverage Ratio, and (C) each Pool Requirement is satisfied, the Lender will direct the Collateral Agent in writing to transfer all funds on deposit in the Excess Cash Flow Reserve Sub-Account to the Collection Account.

  • Subject to the following provisions of this Section 6.33, commencing on the December 31, 2020 reporting period, Borrower shall maintain a Debt Service Coverage Ratio of not less than 1.25 to 1.0 (the “Minimum Required Debt Service Coverage Ratio”) tested as of the end of each calendar quarter and upon the occurrence and during the continuance of any Event of Default (each a “DSCR Testing Date”) (in the manner provided for in the definition of Debt Service Coverage Ratio) during the term of the Loan.


More Definitions of Required Debt Service Coverage

Required Debt Service Coverage means a Debt Service Coverage of not less than the lesser of (a) 1.2:1.0 and (b) the Debt Service Coverage immediately prior to the casualty or Taking, as applicable.
Sample 1
Required Debt Service Coverage means, at the time of determination, that for a period of twelve (12) consecutive calendar months preceding the Original Maturity Date, the annualized Project NOI, as verified by Lender, is not less than 150% of (i) the annual payments of principal and interest which would be required if the Loan were amortized in level payments of principal and interest over twenty-five (25) years at the Reduction Rate, and (ii) the actual payments of principal and interest paid under the Loan for the twelve (12) month period immediately preceding the Original Maturity Date.
Sample 1
Required Debt Service Coverage. RATIO shall mean, 1.15 to 1.0.
Sample 1
Required Debt Service Coverage. Ratio: 1.5:1.0 Calculation of Debt Service Coverage Ratio: Earnings ________________________ before Interest ________________________, Income taxes ________________________, Depreciation ________________________, Amortization ________________________ and Non-recurring renovation/remodel expenses funded with the proceeds of a Loan or other non-operating sources ______________________, divided by $________________________ Required Liquidity Covenant $4,000,000.00
Sample 1

Related to Required Debt Service Coverage

  • Debt Service Coverage means that for every $1.00 of debt service required to be paid there must be $1.15 of Net Operating Income available. A worksheet for the calculation of Debt Service Coverage is found in the Report of Operations attached hereto as Exhibit "H" and incorporated herein by this reference.

  • Debt Service Coverage Ratio means a ratio for the applicable period in which:

  • Consolidated Debt Service Coverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) Consolidated EBITDA for the most recently completed four fiscal quarters minus (ii) income taxes payable for such period minus (iii) Consolidated Capital Expenditures for such period to (b) the sum of (i) Consolidated Interest Charges for such period plus (ii) Consolidated Scheduled Funded Debt Payments for such period.

  • Annual Debt Service as of any date means the maximum amount which is expensed in any 12-month period for interest on Debt of the Company and its Subsidiaries.

  • Previously Absent Financial Maintenance Covenant means, at any time, any financial maintenance covenant that is not included in the Loan Documents at such time.

  • Initial Covered Debt means the Corporation’s 6.25% Notes due 2036, CUSIP No. 000000XX0.

  • Debt Service means, with respect to any particular period of time, the scheduled principal and interest payments due under this Agreement and the Note.

  • Debt Service Requirement means the sum of (i) interest expense (whether paid or accrued and including interest attributable to Capital Leases), (ii) scheduled principal payments on borrowed money, and (iii) capitalized lease expenditures, all determined without duplication and in accordance with GAAP.

  • Pro Forma Debt Service means with respect to the Borrower and the Restricted Subsidiaries, on a consolidated basis, with respect to the next succeeding complete twelve (12) month period following the calculation date, and after giving effect to any Interest Rate Hedge Agreements and Eurodollar Advances, the amount of all (i) scheduled payments of principal on Indebtedness for Money Borrowed for such period (including imputed principal payments with respect to Capitalized Lease Obligations), determined on the basis of the aggregate amount of Indebtedness for Money Borrowed outstanding as of the date of calculation and giving effect to any mandatory reductions in the Commitments and the operation of the other terms of this Agreement (or other instruments or agreements governing Indebtedness for Money Borrowed) during such next succeeding twelve (12) month period, (ii) cash interest payable (including imputed interest with respect to Capitalized Lease Obligations) with respect to Indebtedness for Money Borrowed of such Persons, (iii) fees payable under this Agreement and the other Loan Documents (but specifically excluding fees paid during previous periods but amortized during such period in accordance with GAAP), and (iv) other payments (including fees) payable by such Persons during such period in respect of Indebtedness for Money Borrowed (other than voluntary prepayments under Section 2.7 hereof). For purposes of this definition, where interest payments for the twelve (12) month period immediately succeeding the calculation date are not fixed by way of Interest Rate Hedge Agreements, Eurodollar Advances, or otherwise for the entire period, interest shall be calculated on such Indebtedness for Money Borrowed for periods for which interest payments are not so fixed at the Eurodollar Basis (as determined on the date of calculation and based on the then current adjustment under Section 2.3(f) hereof) for a Eurodollar Advance having an Interest Period of twelve (12) months; provided, however, that if such Eurodollar Basis cannot be determined in the reasonable opinion of the Administrative Agent, such interest shall be calculated using the Base Rate Basis as then in effect.

  • Consolidated Debt Service means, for any relevant period, the sum (without double counting), determined in accordance with GAAP, of:

  • Maximum Annual Debt Service Requirement means, at any given time of determination, the greatest amount of principal, interest and Amortization Installments coming due in any current or future Bond Year with regard to the Series of Bonds for which such calculation is made; provided, the amount of interest coming due in any Bond Year shall be reduced to the extent moneys derived from the proceeds of Bonds are used to pay interest in such Bond Year.

  • Maintenance Covenant A covenant by any borrower to comply with one or more financial covenants (including without limitation any covenant relating to a borrowing base, asset valuation or similar asset-based requirement) during each reporting period, that exists regardless of whether or not such borrower has taken any specified action and includes a covenant that applies only when the related loan is funded.

  • EBITDA Coverage Ratio defined as EBITDA divided by the aggregate of total interest expense plus the prior period current maturity of long-term debt and the prior period current maturity of subordinated debt.

  • Collateral Coverage Ratio means (i) the aggregate value of any relevant collateral security, including the pro rata value of any shared collateral, divided by (ii) the outstanding aggregate principal amount of the relevant debt.

  • Total Debt Service means the sum of (i) scheduled or other required payments of principal on Indebtedness, and (ii) Interest Expense, in each case for such period.

  • Debt Service Requirements means the aggregate principal payments (whether at maturity or pursuant to scheduled mandatory sinking fund redemption requirements) and interest payments on the Bonds for the period of time for which calculated; provided, however, that for purposes of calculating such amount, principal and interest shall be excluded from the determination of Debt Service Requirements to the extent that such principal or interest is payable from amounts deposited in trust, escrowed or otherwise set aside for the payment thereof with the Paying Agent or other commercial bank or trust company located in the State and having full trust powers.

  • Insurance Coverage Contractor shall, at Contractor’s sole expense, procure, maintain and keep in force for the duration of this Contract the following insurance conforming to the minimum requirements specified below. Unless specified herein or otherwise agreed to by the City, the required insurance shall be in effect prior to the commencement of work by Contractor and shall continue in force as appropriate until the latter of:

  • Interest Expense Coverage Ratio means, for any period, the ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Interest Expense for such period.

  • Cash Flow Coverage Ratio means, for any period, the ratio of (i) Adjusted Parent Operating Cash Flow for such period to (ii) Corporate Charges for such period.

  • Aggregate Debt Service means, with respect to any particular period of time, the sum of (a) the Debt Service, (b) the Mortgage Debt Service and (c) the Other Mezzanine Debt Service.

  • Debt Service Reduction With respect to any Mortgage Loan, a reduction in the scheduled Monthly Payment for such Mortgage Loan by a court of competent jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction resulting from a Deficient Valuation.

  • Coverage Test means each of the Class A/B Par Value Test, the Class A/B Interest Coverage Test, the Class C Par Value Test, the Class C Interest Coverage Test, the Class D Par Value Test, the Class D Interest Coverage Test, the Class E Par Value Test and the Class E Interest Coverage Test.

  • Consolidated Maintenance Capital Expenditures means, for any period, the aggregate amount of expenditures for additions to property, plant, and equipment that are not Consolidated Expansion Capital Expenditures.

  • Annual Debt Service Charge as of any date means the amount which is expensed in any 12-month period for interest on Debt of the Company and its Subsidiaries.

  • Financial Covenant Debt of any Person means Indebtedness of the type specified in clauses (a), (b), (d), (e), (f) and (h) of the definition of “Indebtedness,” non-contingent obligations of the type specified in clause (c) of such definition and Guaranty Obligations of any of the foregoing.

  • Interest Coverage Test means the Class A/B Interest Coverage Test, the Class C Interest Coverage Test, the Class D Interest Coverage Test and the Class E Interest Coverage Test.