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Common use of Debt Service Coverage Clause in Contracts

Debt Service Coverage. The Debt Service Coverage Ratio as to each Determination Date shall be equal to or greater than 2.00 to 1.00 based upon the trailing twelve (12) full calendar months prior to the Determination Date; provided, if on any Determination Date within twelve (12) months following acquisition by Borrower of a Project, operating statements for the prior twelve (12) month period are not available for such Project, the operating statements covering any lesser period of time will be annualized to determine compliance with this Section 8.15(b).

Appears in 1 contract

Samples: Loan Agreement (Cornerstone Core Properties REIT, Inc.)

Debt Service Coverage. The Debt Service Coverage Ratio as to of each Determination Date shall be equal to or greater than 2.00 1.35 to 1.00 based upon the trailing twelve (12) full calendar months prior to the Determination Date; provided, if on any Determination Date within twelve (12) months following acquisition by Borrower of a Projectduring the first Loan Year, operating statements for the prior twelve (12) -month period are not available for such Projectavailable, the operating statements covering any lesser period of time will be annualized to determine compliance with this Section 8.15(b8.16(b).

Appears in 1 contract

Samples: Loan Agreement (CareTrust REIT, Inc.)

Debt Service Coverage. The As of each Determination Date, the Debt Service Coverage Ratio as to each Determination Date shall be equal to or greater than 2.00 to 1.00 based upon the trailing twelve (12) full calendar months prior to the Determination Date; provided, however, that, if on any a Determination Date within is less than twelve (12) months following acquisition by from the date on which a Borrower of acquired a Project, operating statements for the prior twelve (12) month period are not available Adjusted Net Operating Income for such Project, Project may be annualized based upon the operating statements covering any lesser period of time will be annualized to determine compliance with this Section 8.15(b)such Borrower’s ownership of the Project.

Appears in 1 contract

Samples: Loan Agreement (Summit Healthcare REIT, Inc)

Debt Service Coverage. The Debt Service Coverage Ratio as to of each Determination Date shall be equal to or greater than 2.00 1.40 to 1.00 based upon the trailing twelve (12) full calendar months prior to the Determination Date; provided, if on any Determination Date within twelve (12) months following acquisition by Borrower of a Projectduring the first Loan Year, operating statements for the prior twelve (12) -month period are not available for such Projectavailable, the operating statements covering any lesser period of time will be annualized to determine compliance with this Section 8.15(b7.13(b).

Appears in 1 contract

Samples: Loan Agreement (Care Capital Properties, Inc.)

Debt Service Coverage. The Debt Service Coverage Ratio as to each Determination Date shall be equal to or greater than 2.00 1.50 to 1.00 based upon the trailing twelve (12) full calendar months prior to the Determination Date; provided, if on any Determination Date within twelve (12) months following acquisition by Borrower of a Project, operating statements for the prior twelve (12) month period are not available for such Project, the operating statements covering any lesser period of time will be annualized to determine compliance with this Section 8.15(b).

Appears in 1 contract

Samples: Loan Agreement (Cornerstone Core Properties REIT, Inc.)

Debt Service Coverage. The Debt Service Coverage Ratio as to of each Determination Date shall be equal to or greater than 2.00 1.25 to 1.00 based upon the trailing twelve (12) full calendar months prior to the Determination Date; provided, however, that, if on any a Determination Date within is less than twelve (12) months following acquisition by from the date on which Borrower of a acquired the Project, operating statements Adjusted Net Operating Income for the prior twelve (12) month period are not available for such Project, Project may be annualized based upon the operating statements covering any lesser period of time will be annualized Borrower’s ownership of the Project to determine compliance with this Section 8.15(b7.13(b).

Appears in 1 contract

Samples: Loan Agreement (Summit Healthcare REIT, Inc)