20x. All calculations of Debt Service Coverage Ratio for purposes of this Section 5.1.14 shall be subject to verification by Lender. If Borrower fails to comply with this Sec tion 5.1.14, or if an Event of Default shall be continuing, Borrower shall, at the request of Lender, terminate the Management Agreement and replace the Manager with a manager reasonably approved by Lender on terms and conditions reasonably satisfactory to Lender.
20x. At such time, the mortgage loan shall remain full recourse, but only with respect to $5,875,000. --------------------------------------------------------------------------------
20x. The mezzanine lender is required to enter into a subordination and intercreditor agreement acceptable to mortgage lender and executed by the Permitted Mezzanine Lender. Such permitted mezzanine debt shall be subordinate and junior to the existing mezzanine debt. The related mortgage loan documents also permit the pledge of indirect up-tier interests in the related borrower to secure corporate indebtedeness of such up tier party.
20x. The related Borrower may substitute one of the related Mortgaged Properties upon the satisfaction of certain conditions including, without limitation, the following: (i) no event of default is continuing; (ii) after giving effect to the substitution, the underwritten debt service coverage ratio for all of the related Mortgaged Properties will be no less than the greater of: (A) the underwritten debt service coverage ratio for all of the related Mortgage Properties immediately preceding such substitution and (B) 1.20x; (iii) after giving effect to the substitution, the loan-to-value ratio for all of the related Mortgaged Properties will be no greater than the lesser of: (A) the loan-to-value ratio for all of the related Mortgaged Properties immediately preceding such substitution and (B) 75%; (iv) the related borrower must provide the mortgagee confirmation from the applicable rating agencies that any securities secured by the related Mortgage Loan will not suffer a downgrade, withdrawal or qualification of the credit rating then assigned to such securities; (v) the mortgagee must have received a REMIC opinion with respect to such substitution; and (vi) no substitution will occur during the 12-month period preceding the Maturity Date of the related Mortgage Loan. In addition, if the related borrower is unable to simultaneously effectuate the substitution of a substitute property for a released property, such borrower may obtain the release of a related Mortgaged Property upon the satisfaction of certain conditions including, without limitation, the following: (i) the related borrower deposits with mortgagee cash or a letter of credit in an amount equal to the greater of (A) the then fair market value of the proposed released property and (B) the amount that would be required to purchase defeasance collateral necessary to partially defease the Mortgage Loan and obtain the release of the related Mortgaged Property; (ii) the mortgagee must have received a REMIC opinion with respect to such release and substitution; and (iii) the related borrower must satisfy each of the conditions set forth in this paragraph within 90 days after the release of the related Mortgaged Property; provided that if for any reason the substitution fails to occur in 90 days after the release of a related Mortgaged Property, then the mortgagee has the right to use any cash substitution collateral and draw on any letter of credit and apply the proceeds of such draw to purchase the defeas...
20x. Exception to Representation (xxvii): Defeasance. Various Various Certain Mortgage Loans permit the defeasance collateral to pay the loan in full on the first date the Mortgage Loan is freely payable instead of on the Maturity Date. -------------------------------------------------------------------------------- Exception to Representation (xxxv): Other Collateral; Cross-Collateralization.
20x. Compliance with this covenant will be tested annually upon receipt of the Borrower’s audited financial statements required by Section 3.3 above commencing with the fiscal year ending June 30, 2023. The Borrower shall provide an annual compliance certificate given by the Borrower’s chief financial officer stating that the covenant contained in this Section 3.16 has been met. Compliance with this covenant will not consider Borrower’s cash contributions with respect to completing the Acquisition.
20x. In addition, there are municipal bonds held by an affiliate of the borrower, which bonds are subordinated and are subject to a full standstill during the duration of the loan.
20x. (iii) on and after the eighth anniversary of the Initial Closing Date, the Post-ARD Quarterly DSCR for any Quarterly Payment Date is less than 1.20x.
20x. Within sixty (60) days after the end of each fiscal quarter, OBC shall deliver to Lender a certificate that the aforesaid covenant is then satisfied, together with the information required by Lender to confirm the same.
20x. Within 90 days after the end of each fiscal year, Guarantor shall submit a compliance statement showing the DSC calculation, based upon unqualified audited results. For purposes of this provision, DSC shall be equal to "Net Operating Income" divided by "Annual Debt Service". "Net Operating Income" shall be equal to annual operating revenues less annual operating expenses. "Annual Debt Service" shall be equal to annual interest and principal payments paid during the year, but shall exclude any balloon payment required to be made on any loan during the year.
