Debt Service Coverage Ratio Sample Clauses

Debt Service Coverage Ratio. Borrower shall maintain a Debt Service Coverage Ratio of at least 1.35 to 1.00, as of the end of each fiscal quarter ending on or after December 31, 2011 and on or before March 31, 2012, and a Debt Service Coverage Ratio of at least 1.40 to 1.00, as of the end of each fiscal quarter ending on or after June 30, 2012.

Debt Service Coverage Ratio. As of each Test Date, the Properties shall maintain an Ongoing Debt Service Coverage Ratio of not less than the Minimum Required Debt Service Coverage Ratio, provided, however, that if the Properties do not meet such Minimum Required Debt Service Coverage Ratio as of any Test Date, the following provisions shall apply: (a) If, as of any Test Date, the Ongoing Debt Service Coverage Ratio is less than the Minimum Required Debt Service Coverage Ratio but equal to or greater than the Remargin Debt Service Coverage Ratio, the Administrative Agent, on behalf of the Lenders, shall temporarily suspend all disbursements of Revolving Loan Proceeds until either (i) the Properties have achieved the Minimum Required Debt Service Coverage Ratio as of any subsequent Test Date, or (ii) Borrowers have repaid (without penalty or fee other than any Consequential Loss that may be payable in connection with such repayment) the Loan in an amount sufficient to cause the Ongoing Debt Service Coverage Ratio (calculated after giving effect to such repayment as if repaid on the applicable Test Date) to at least equal the Minimum Required Debt Service Coverage Ratio; (b) If, as of any Test Date, the Ongoing Debt Service Coverage Ratio is less than the Remargin Debt Service Coverage Ratio, Borrowers shall, within thirty (30) days following receipt of written demand from Administrative Agent, repay (without penalty or fee other than any Consequential Loss that may be payable in connection with such repayment) the Loan in an amount sufficient to cause the Ongoing Debt Service Coverage Ratio (calculated after giving effect to such repayment as if repaid on the applicable Test Date) to at least equal the Minimum Required Debt Service Coverage Ratio. For the avoidance of doubt, until such repayment is received by Administrative Agent, the Administrative Agent, on behalf of the Lenders, shall suspend all disbursements of Revolving Loan Proceeds.

Debt Service Coverage Ratio. The Debt Service Coverage Ratio, as of the end of each fiscal quarter of the Credit Parties, shall be greater than or equal to 1.50 to 1.0.

Debt Service Coverage Ratio. Borrower shall not permit its Debt Service Coverage Ratio to be less than 1.10 to 1.00 as measured on the last day of each calendar quarter.

Debt Service Coverage Ratio. Borrower shall maintain as of the last day of any fiscal quarter a Debt Service Coverage Ratio of not less than 1.25 to 1.00 for the period of four consecutive fiscal quarters then ended on such day.

Debt Service Coverage Ratio. Calculation: If school owns its facility OR if the school leases its facility and the lease is capitalized: (Net Income + Depreciation Expense + Interest Expense) ÷ (Principal + Interest + Lease Payments) If school leases its facility and the lease is not capitalized: (Facility Lease Payments + Net Income + Depreciation Expense + Interest Expense) ÷ (Principal + Interest + Lease Payments) Data Source: Annual Fiscal Audit Report Exceeds Standard The school’s debt service coverage ratio is 1.5 or greater OR the school operates debt-free. Approaches Standard The school’s debt service coverage ratio is between .9 and 1.09 Does Not Meet Standard Debt Service Coverage Ratio is less than .9

Debt Service Coverage Ratio. Commencing with the Fiscal Quarter ending as of December 31, 2021 and as of the last day of each Fiscal Quarter thereafter, maintain a trailing twelve month Debt Service Coverage Ratio of greater than 1.35 to 1.00 as of the end of each Fiscal Quarter.

Debt Service Coverage Ratio as of any date, the ratio calculated by Lender of (i) the Net Operating Income for the trailing twelve (12)-month period ending with the most recently completed calendar month to (ii) the Debt Service with respect to such period.

Debt Service Coverage Ratio. Borrower will not permit Borrower’s debt service coverage ratio as determined by Lender as of the last day of any fiscal quarter of the Borrower to be less than 1. 15 to 1. The debt service coverage ratio means the ratio of (a) the Borrower’s EBITDA to (b) the aggregate amount of principal and interest due and payable by the Borrower under the Loan and any other loans. The debt service coverage ratio shall each be calculated quarterly using the preceding 12 months of the Borrower’s operations utilizing the Borrower’s public financial statements and Borrower-prepared supplemental schedules. Notwithstanding anything to the contrary contained herein, in the event that Borrower desires to cure any default of the financial covenant contained in this Section 4.17.1 for any period, the Borrower (x) has a right to cure an EBIDTA Shortfall of less than one hundred thousand dollars ($100,000.00), and (y) has a right to request that the Lender permit a cure of an EBIDTA Shortfall, as set forth herein. (a) In the event the EBITDA Shortfall is less than one hundred thousand dollars ($100,000.00) for any period and the Borrower desires to cure any default of the financial covenant contained in this Section 4.17.1 for said period, Borrower shall (i) provide Lender with written notice of such intention to cure no later than five (5) calendar days prior to the date that the financial statements for such period are required to be delivered pursuant to Section 4.2 (the “Cure Notice”) and (ii) within five (5) calendars days after delivery of the Cure Notice, make a voluntary prepayment of the Loan (the “Cure Payment”) in an amount equal to the EBITDA Shortfall. If a Cure Notice has been delivered, then from the last day of the period related to such Cure Notice until the earlier to occur of receipt by the Lender of the Cure Payment or expiration of the five (5) day period described in clause (ii) of the prior paragraph, Lender shall not impose default interest, assess any late charge, accelerate any obligations owing under any Loan Document, terminate any commitment to lend or exercise any enforcement remedy against Borrower or any of its properties solely as a result of the financial covenant default that has been (or is to be) cured pursuant to the terms hereof. Upon timely receipt by Lender of the Cure Payment (which shall be applied by Lender as voluntary prepayment of the Loan in accordance with the terms hereof), the Event of Default on account of such failure to satisf...