Debt Service Coverage Ratio Test Sample Clauses

Debt Service Coverage Ratio Test. 7 ARTICLE V
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Debt Service Coverage Ratio Test. The provisions of this Section 4.02 shall remain in effect only for so long as the Owner is party to any loan agreement with the Lenders. In the event Owner's debt service coverage ratio as defined in the Credit Agreement ("DSCR") for any calendar year falls below 1.5, then, in that event, no Compensation shall be paid for any portion of that calendar year, however, the right to Compensation shall accrue, provided the DSCR is greater than 1.0, and shall be paid to the Manager in one sum, immediately following Owner's achievement of a DSCR of at least 1.5. In the event that Compensation was paid for any portion of the calendar year during which Owner's actual DSCR fell below 1.5, those payments shall be deducted from future payments due the Manager hereunder, until the Owner has recouped same. Immediately upon the owner achieving a DSCR of 1.5, any payments which were withheld or recouped by owner due to a DSCR between 1.0 and 1.5, shall be paid to the Manager in one sum. The Owner's DSCR shall be measured as of December 31 of each year during the term of this Contract.
Sample 1
Debt Service Coverage Ratio Test. 7 Section 4.03 . Bonuses.............................................7 Section 4.04 . Payment of Bonuses..................................7 ARTICLE V
Sample 1
Debt Service Coverage Ratio Test. The provisions of this Section 4.02 shall remain in effect only for so long as the Owner is party to any loan agreement with the Lenders, or is a party to any loan agreement related to the refinancing of the obligations owing to the Lenders. In the event Owner's actual debt service coverage ratio as defined in the Credit Agreement ("DSCR"), for any calendar year falls below 1.5, then, in that event, no Compensation shall be paid for any portion of that calendar year, however, the right to Compensation shall accrue, provided the DSCR is greater than 1.0, and shall be paid to the Marketing Agent in one sum, immediately following Owner's achievement of a DSCR of at least 1.5. In the event that Compensation was paid for any portion of the calendar year during which Owner's actual DSCR fell below 1.5, those payments shall be deducted from future payments due the Marketing Agent hereunder, until the Owner has recouped same. Immediately upon the owner achieving a DSCR of 1. 5, any payments which were withheld or recouped by Owner shall be paid to the Marketing Agent in one sum. The Owner's DSCR shall be measured as of December 31 of each year during the term of this Agreement.
Sample 1
Debt Service Coverage Ratio Test. Borrower: CAMPUS CREST COMMUNITIES OPERATING PARTNERSHIP, LP CAMPUS CREST AT FORT XXXXX, LLC CAMPUS CREST AT FORT XXXXXXX, LLC CAMPUS CREST AT CLARKSVILLE, LLC CAMPUS CREST AT XXXX, LLC Project Name: Determination Date (March 31, June 30, September 1 or December 31): _______________ _______________ Calculation Period (12 month period following the Determination Date): _______________ Debt Service: _______________ Debt Amount: _______________ GROSS REVENUES Tenant Rent GROSS REVENUES: _______________ OPERATING EXPENSES Real estate taxes: _______________ Insurance: _______________ Maintenance: _______________ Management Fee: _______________ Replacement Reserve: _______________ Other Miscellaneous: _______________ OPERATING EXPENSES: _______________ EXHIBIT I-1 DSCR CALCULATION Net Operating Income (Gross Revenues less Operating Expenses): _______________ Debt Service: _______________ DSCR (Net Operating Income / Debt Service):_______________ Date: ____________________ BORROWER: CAMPUS CREST COMMUNITIES OPERATING PARTNERSHIP, LP, a Delaware limited liability company By: Campus Crest Communities GP, LLC, a Delaware limited liability limited liability company, its General Partner By: Campus Crest Communities, Inc., a Maryland corporation, its Sole Member By: Xxxxxx X. Xxxxxxx, Xx., its Chief Financial Officer CAMPUS CREST AT FORT XXXXX, LLC, a Delaware limited liability company By: Campus Crest Properties, LLC, a North Carolina limited liability company, its manager By: Xxxxxx X. Xxxxxxx, Xx., its Manager CAMPUS CREST AT FORT XXXXXXX, LLC, a Delaware limited liability company By: Campus Crest Properties, LLC, a North Carolina limited liability company, its manager By: Xxxxxx X. Xxxxxxx, Xx., its Manager CAMPUS CREST AT CLARKSVILLE, LLC, a Delaware limited liability company By: Campus Crest Properties, LLC, a North Carolina limited liability company, its manager By: Xxxxxx X. Xxxxxxx, Xx., its Manager CAMPUS CREST AT XXXX, LLC, a Delaware limited liability company By: Campus Crest Properties, LLC, a North Carolina limited liability company, its manager By: Xxxxxx X. Xxxxxxx, Xx., its Manager
Sample 1
Debt Service Coverage Ratio Test. On or before August 15 and February 15 each year, Borrower shall provide to Lender written evidence that the Debt Service Coverage Ratio as of the end of the immediately preceding quarter was at least 1.00:1.00 (the "Test"). If the Test is not met, then within twenty (20) days after the end of each calendar month, Borrower shall deposit into the Restricted Account an amount equal to (a) the Gross Operating Income, less (b) the payments on the Note, less (c) the Permitted Operating Expenses, all for the immediately preceding calendar month. If the Test is met for at least two (2) consecutive calendar quarters, then, so long as no Default is in existence, (x) any funds remaining in the Restricted Account pursuant to this Section will be released to Borrower by Lender, and (y) the monthly payments into the Restricted Account required by this Section shall cease. Borrower may, at its option, at any time and from time to time after the Prepayment Lockout Expiration Date (as defined in the Note), prepay portions of the outstanding principal balance of the Loan necessary to satisfy the Test, in which case Borrower shall not be obligated to deposit such amounts in the Restricted Account and any funds remaining in the Restricted Account pursuant to this Section will be released to Borrower by Lender.
Sample 1
Debt Service Coverage Ratio Test. The provisions of this Section 4.02 shall remain in effect only for so long as the Owner is party to any loan agreement with the Lenders. In the event Owner's debt service coverage ratio as defined in the Credit Agreement ("DSCR") for any calendar year falls below 1.5, then, in that event, no Compensation shall be paid for any portion of that calendar year, however, the right to Compensation shall accrue,
Sample 1
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Related to Debt Service Coverage Ratio Test

  • Debt Service Coverage Ratio Not permit the Debt Service Coverage Ratio on the last day of each Fiscal Quarter to be less than 3.50 to 1.00.

  • Minimum Debt Service Coverage Ratio As of the end of each fiscal quarter, commencing with the fiscal quarter ending June 30, 2021, the Borrowers shall not permit the Debt Service Coverage Ratio, determined on a consolidated basis for the Consolidated Parties, to be less than 2.00 to 1.00.

  • Consolidated Debt Service Coverage Ratio Permit the Consolidated Debt Service Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than 1.25:1.00.

  • Debt Service Coverage The Company will not, and will not permit any Subsidiary to, incur any Debt (including, without limitation, Acquired Debt) other than Intercompany Debt, if the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service Charge for the period consisting of the four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be incurred is less than 1.5 to 1.0, on a pro forma basis after giving effect to the incurrence of such Debt and the application of the proceeds therefrom, and calculated on the assumption that (i) such Debt and any other Debt (including, without limitation, Acquired Debt) incurred by the Company or any of its Subsidiaries since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance other Debt since the first day of such four-quarter period) had occurred on the first day of such period, (ii) the repayment or retirement of any other Debt of the Company or any of its Subsidiaries since the first day of such four-quarter period had occurred on the first day of such period (except that, in making such computation, the amount of Debt under any revolving credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such Debt during such period), and (iii) in the case of any acquisition or disposition by the Company or any Subsidiary of any asset or group of assets since the first day of such four-quarter period, including, without limitation, by merger, stock purchase or sale, or asset purchase or sale or otherwise, such acquisition or disposition had occurred on the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation. If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating rate then, for purposes of calculating the Annual Debt Service Charge, the interest rate on such Debt shall be computed on a pro forma basis as if the average interest rate which would have been in effect during the entire such four-quarter period had been the applicable rate for the entire such period.

  • Minimum Debt Service Coverage The Borrower will not at any time permit the outstanding principal amount of the Unsecured Indebtedness to exceed an amount such that: (a) the Unencumbered Net Operating Income, divided by (b) Pro Forma Unsecured Debt Service Charges would be less than 1.5 for any Fiscal Quarter.

  • Cash Flow Coverage Ratio The ratio of (a) the Borrower's Cash Flow to (b) the sum of (i) the Borrower's consolidated Interest Expense plus (ii) the Borrower's scheduled payments of principal (including the principal component of Capital Leases) to be paid during the 12 months following any date of determination shall at all times exceed (1) 1.5 to 1.0. Compliance with the ratio will be tested as of the last day of each month, with Cash Flow and Interest Expense being calculated for the twelve months then ended.

  • Collateral Coverage Ratio On the date of such Loan or the issuance of such Letter of Credit hereunder (and after giving pro forma effect thereto), the Collateral Coverage Ratio shall not be less than 1.0 to 1.0.

  • Interest Coverage Ratio The Borrower will not permit the Interest Coverage Ratio to be less than 2.75 to 1.0 on the last day of any Fiscal Quarter.

  • Minimum Consolidated Fixed Charge Coverage Ratio Borrower shall not permit the Consolidated Fixed Charge Coverage Ratio, determined as at the end of each fiscal quarter, commencing with the fiscal quarter ending June 30, 2019, to be less than 1.00 to 1.00.

  • Minimum Fixed Charge Coverage Ratio The Borrowers shall not permit the Fixed Charge Coverage Ratio to be less than 1.05 to 1.00, measured as of the last day of each Fiscal Quarter for the prior four fiscal quarters subject to adjustments to such measurement period as set forth in the definition of Fixed Charge Coverage Ratio.

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