Debt Service Covenant. The Borrowers covenant to and agree with the Issuer and the Borrower Security Trustee that the Free Cashflow DSCR of the Borrowers shall not, on any Financial Quarter Date, in respect of the most recent Relevant Period or the most recent Relevant Year be less than 1.10:1 (the "FCF DSCR" or the "Debt Service Covenant").
Debt Service Covenant. On each Calculation Date, the Debt Service Coverage Ratio shall not be less than 1.50:1.00 (collectively, the “Debt Service Covenant”); provided, however, that the Debt Service Covenant may be tested at any time, in Xxxxxx’s sole discretion, following the occurrence of an Event of Default occurring or continuing after the initial Calculation Date. If such Debt Service Covenant shall not be satisfied on any such Calculation Date, then Borrower shall either (a) pay down the Loan by an amount sufficient to satisfy the applicable required ratio (the “Debt Service Shortfall”), or (b) deposit with Lender cash in an amount, or cash collateral acceptable to Lender having a value, that if the same (when combined with any other cash or cash collateral previously deposited with Lender for the same purpose) were used to pay down the outstanding principal balance of the Loan, it would satisfy the applicable required ratio. Borrower hereby pledges the cash and cash collateral deposited with 6099784.8 Lender pursuant to the preceding sentence as additional collateral for the Loan. It shall be an Event of Default if Borrower fails either to pay down the Loan by the amount of the Debt Service Shortfall or deposit cash or cash collateral in the amount or value of the Debt Service Shortfall within thirty (30) days after notice from Lender to Borrower specifying the amount of the Debt Service Shortfall.
Debt Service Covenant. 15.3.1 The Borrower covenants to and agrees with the Issuer and the Borrower Security Trustee that the DSCR of the Securitisation Group shall not, on any Loan Payment Date, in respect of the Loan Interest Period ending on (but excluding) such Loan Payment Date be less than 1.50:1 (the “Debt Service Covenant”).
Debt Service Covenant. Loan Parties shall cause to be maintained as of the end of each fiscal quarter a Debt Service Coverage Ratio of the Loan Parties on a consolidated basis for the trailing twelve (12) month period of greater than or equal to 1.20 to 1.0.
Debt Service Covenant. This Mortgage is subject to an annual ----------------------- testing of a minimum debt service coverage ratio of 1.25x tested on a consolidated basis for Ronson Consumer Products Corporation, Ronson Corporation (including Ronson Aviation, Inc. and Ronson Canada Ltd.) as follows: (Net Profit + Depreciation + Amortization + Interest Expense + Income Tax Expense - Dividends/Distributions) divided by (Annual Principal Payments + Capitalized Lease Payments + Interest Expense + Income Taxes Paid). Capitalized terms under this Section 8.20 not otherwise defined herein shall be determined in accordance with generally accepted accounting principles consistently applied. Borrower and Guarantors must submit a Covenant Compliance Certificate with respect to each fiscal year in whole or in part prior to the satisfaction of the Note annually with submission of each Annual Consolidated Statement under Section 5.3 hereof. Failure of the Borrower and Guarantors to meet this covenant will be deemed an Event of Default.
Debt Service Covenant. Borrower shall cause to be maintained a Debt Service Coverage Ratio on a consolidated basis to be less than 1.20 to 1.0, on the last day of each fiscal quarter of the Borrowers, measured on the basis of the twelve (12) month period immediately preceding the date of such computation, commencing with the fiscal period ending on December 31, 2012. Lease Adjusted Leverage Ratio Covenant (quarterly basis):
Debt Service Covenant. Borrower shall cause to be maintained as of the end of each fiscal quarter a Debt Service Coverage Ratio for the trailing twelve (12) month period of greater than or equal to 1.20 to 1.0.
Debt Service Covenant. (a) Section 9.19.1(i) of the Senior Loan Agreement is hereby deleted and replaced by the following:
Debt Service Covenant. At all times, the Mortgagor shall maintain and hold, in its name, liquid assets (cash or marketable securities), free from any and all encumbrances (except the interests of Fleet Capital Corporation under a certain Loan and Security Agreement between Fleet Capital Corporation and Mortgagor dated as of July 13, 2000 or may be amended by Amendment No. 1 to Loan and Security Agreement dated as of January, 2001), the aggregate value of which is equal to or greater than the annual payments of principal, interest, real estate taxes and insurance premiums due under the Note.
