COVENANTS AS TO BORROWER. Borrower, agrees to comply with the following financial ratios the default of which shall constitute a default of this Agreement: (a) Maximum loan-to-value ratio shall at all times not be in excess of seventy percent (70%). (b) Commencing at 2010 fiscal year end, the Borrower will be tested for compliance with the Debt Service Coverage Ratio which shall not be less than 1.15:1.00.
Appears in 3 contracts
Samples: Construction Loan and Security Agreement (Griffin Land & Nurseries Inc), Construction Loan and Security Agreement (Griffin Land & Nurseries Inc), Construction Loan and Security Agreement (Griffin Land & Nurseries Inc)
COVENANTS AS TO BORROWER. Borrower, agrees to comply with the following financial ratios the default of which shall constitute a default of this Agreement:
(a) Maximum loan-to-value ratio shall at all times not be in excess of seventy sixty-five percent (7065%).
(b) Commencing at 2010 2017 fiscal year end, and each fiscal year end thereafter, the Borrower will be tested for compliance with the Debt Service Coverage Ratio which shall not be less than 1.15:1.00.
Appears in 1 contract
Samples: Loan and Security Agreement (Griffin Industrial Realty, Inc.)
