Debt Service Coverage Test Amount Sample Clauses

Debt Service Coverage Test Amount. For any period of four consecutive fiscal quarters then ended, the sum of principal and interest which would have been payable during such period on a loan in the original principal amount equal to the outstanding principal balance of the Term Loans as of the date of such determination bearing interest at a rate per annum equal to the sum of the then current annual yield on seven (7) year obligations issued by the United States Treasury most recently prior to the date of such determination plus one and six-tenths percent (1.6%) and with the principal thereof being payable based on a 25 year mortgage style amortization schedule (expressed as a mortgage constant percentage). Such determination of the Debt Service Coverage Test Amount by the Agent shall be conclusive and binding absent manifest error. For the initial twelve (12) months following the Closing Date, such debt service shall be determined by annualizing the debt service from and after the Closing Date in a manner as reasonably determined by Borrower and reasonably acceptable to the Agent (provided that in the event that as of the date of any determination such amounts shall not have been determined as so provided, then such amount shall be annualized in a manner reasonably acceptable to the Agent).
Sample 1
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Debt Service Coverage Test Amount. 89 Section 9.2. Designated Collateral Value. . . . . . . . . . . . . . 89 Section 9.3.
Sample 1
Debt Service Coverage Test Amount. For any period of four consecutive fiscal quarters then ended, the sum of principal and interest which would have been payable during such period on a loan in the original principal amount equal to the outstanding principal balance of the Loan and the Mezzanine Mortgage Loan as of the date of such determination bearing interest at a rate per annum equal to the sum of the then current annual yield on seven (7) year obligations issued by the United States Treasury most recently prior to the date of such determination plus one and sixty-five one- hundredths percent (1.65%) and with the principal thereof being payable based on a 25 year mortgage style amortization schedule (expressed as a mortgage constant percentage). Such determination of the Debt Service Coverage Test Amount by the Agent shall be conclusive and binding absent manifest error. For the initial twelve (12) months following December 15, 1997, such debt service shall be determined by annualizing the debt service from and after December 15, 1997 in a manner as reasonably determined by Borrower and reasonably acceptable to the Agent (provided that in the event that as of the date of any determination such amounts shall not have been determined as so provided, then such amount shall be annualized in a manner reasonably acceptable to the Agent).
Sample 1
Debt Service Coverage Test Amount. The Borrower will not, at the end of any fiscal quarter permit (a) the difference of (i) the Net Operating Income of the Mortgaged Properties and the Mezzanine Properties for any test period of four consecutive fiscal quarters then ended (treated as a single accounting period) (the "Test Period") minus (ii) the Capital Improvement Reserve for such Test Period to be less than (b) the multiple of the Debt Service Coverage Test Amount for the Test Period set forth below: Fiscal Quarter Ending Multiple of Debt Service On or Before: Coverage Test Amount --------------------- -------------------- December 31, 1998 1.35 Thereafter 1.45 In the event that the Borrower shall not have owned any of such Mortgaged Properties or the Mezzanine Properties for four (4) consecutive fiscal quarters, then the Net Operating Income of the Borrower for such Mortgaged Properties and the Mezzanine Properties shall be annualized based upon historical information with respect to such Mortgaged Properties and the Mezzanine Properties in a manner reasonably satisfactory to the Agent.
Sample 1
Debt Service Coverage Test Amount. A. Net Operating Income Net Income for most recent quarter from $____________ Mortgaged Properties and Mezzanine Properties Plus depreciation and amortization $____________ Plus Capital Expenditures (including tenant $____________ improvements and leasing commissions) Plus/Minus Rent Adjustments $____________ Minus Rents included in Net Income from ($___________) tenants delinquent in excess of 60 days Net Operating Income for three prior quarters: Quarter ended __________ $____________ Quarter ended __________ $____________ Quarter ended __________ $____________ Total $____________ B. Capital Improvement Reserve for $____________ Mortgaged Properties and Mezzanine Properties C. Debt Service Coverage Test Amount $____________ [A minus B must equal or exceed 1.35 times C for the period ending on or before December 31, 1998; A minus B must equal or exceed 1.45 times C thereafter]
Sample 1

Related to Debt Service Coverage Test Amount

  • 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) divided by (Principal + Interest + Lease Payments) If school leases its facility and the lease is not capitalized: (Facility Lease Payments + Net Income + Depreciation Expense + Interest Expense) divided by (Principal + Interest + Lease Payments) Data Source: Annual Fiscal Audit Report

  • 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 Ratio as at the end of each Fiscal Quarter, the Debt Service Coverage Ratio shall not be less than 1.20 to 1.00; and

  • Interest Expense Coverage Ratio The Borrower will not permit the ratio of (i) Consolidated EBITDA to (ii) Consolidated Cash Interest Expense for any period of four consecutive fiscal quarters to be less than 3.75 to 1.00.

  • Debt Service The provisions of this Section 3.9 regarding disbursements shall include the payment of debt service related to any mortgages of the Property, unless otherwise instructed in writing by Owner.

  • Minimum Interest Coverage Ratio The Borrowers shall not permit the Interest Coverage Ratio, calculated as of the end of each fiscal quarter for the four fiscal quarters then ended, to be less than 3.50 to 1.00.

  • Minimum Fixed Charge Coverage Ratio As of the end of each Fiscal Quarter, commencing with the Fiscal Quarter ending on March 31, 2015, Borrowers will maintain a Fixed Charge Coverage Ratio of not less than 1.20 to 1.00.

  • 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.

  • 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.

  • Collateral Coverage Ratio ‌ (i) Within ten (10) Business Days after (x) the last day of March, June, September and December of each year (beginning with December 2020) or (y) any date on which an Appraisal is delivered pursuant to clause Error! Reference source not found. of Section 5.16 (each such date in clauses (x) and (y), a “CCR Reference Date” and the tenth Business Day after a CCR Reference Date, a “CCR Certificate Delivery Date”), the Parent shall deliver to the Administrative Agent a certificate of a Responsible Officer of the Parent containing a calculation of the Collateral Coverage Ratio (a “CCR Certificate”). (ii) If the Collateral Coverage Ratio with respect to any CCR Reference Date is less than 1.60 to 1.00, the Borrower shall, no later than ten (10) Business Days after the applicable CCR Certificate Delivery Date, (x) prepay any outstanding Loans such that following such prepayment, the Collateral Coverage Ratio with respect to such CCR Reference Date, recalculated by subtracting any such prepaid portion of the Loans, shall be no less than 1.60 to 1.00 and/or (y) designate Additional Collateral as additional Eligible Collateral and comply with Sections 5.13 and 5.15, collectively, in an amount such that following such designation, the Collateral Coverage Ratio with respect to such CCR Reference Date, recalculated by adding such Additional Collateral, shall be no less than 1.60 to 1.00. (iii) At the Parent’s request, the Lien on any Collateral will be released; provided, in each case, that the following conditions are satisfied or waived: (a) no Event of Default shall have occurred and be continuing, (b) either (x) after giving effect to such release, the Collateral Coverage Ratio is not less than 2.00 to 1.00 (or in the case of a swap or exchange of existing Additional Collateral with new Additional Collateral, less than 1.60 to 1.00) or (y) the Parent shall prepay or cause to be prepaid the Loans and/or shall designate Eligible Collateral as Additional Collateral and comply with Sections 5.13 and 5.15, collectively, in an amount necessary to cause the Collateral Coverage Ratio to not be less than 2.00 to 1.00 (or in the case of a swap or exchange of existing Additional Collateral with new Additional Collateral, less than‌

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