Minimum DSCR Hurdle. If the Debt Service Coverage Ratio as determined at the end of any fiscal quarter is less than the Minimum DSCR Hurdle, the Borrower shall pay to the Administrative Agent for the account of the Lenders, as a principal payment of the Loans, not later than fifteen (15) Business Days following the day on which the DSCR Certificate for such fiscal quarter is required to be delivered under Section 9.4.(d), the amount by which the outstanding principal balance of the Loans would be required to be reduced to cause the Debt Service Coverage Ratio to equal the Minimum DSCR Hurdle as of the last day of such fiscal quarter. All payments under this Section 2.9.(b)(ii) shall be applied in accordance with the last sentence of Section 3.2.
Minimum DSCR Hurdle. If a Minimum DSCR Failure occurs, then Borrower shall pay to Administrative Agent, for the account of Lenders, as a principal payment of the Loan, not later than sixty (60) days following the DSCR Test Date upon which such Minimum DSCR Failure occurred, the amount by which the outstanding principal balance of the Loan would be required to be reduced to cause the Maintenance DSCR Hurdle to be satisfied as of such date of payment (each, a “Remargin Payment”). Borrower may elect to apply funds on deposit in the DSCR Reserve Account to make any such Remargin Payment.
Minimum DSCR Hurdle. On each DSCR Test Date, if there is a DSCR Failure (as determined based on Adjusted NOI for the twelve months ending on the applicable DSCR Test Date), then not later than fifteen (15) days following the day on which the relevant DSCR Certificate is required to be delivered under Section 9.2, Borrower shall either (i) pay to Administrative Agent, for the account of Lenders, as a principal payment of the Loan the amount by which the outstanding principal balance of the Loan would be required to be reduced to cause the DSCR to equal the Minimum DSCR Hurdle (each, a “Remargin Payment”) or (ii) deliver to Administrative Agent a Letter of Credit in the amount of the Remargin Payment. Borrower’s failure to timely make a Remargin Payment shall be a Default hereunder without the requirement of notice or right to cure. No prepayment fee shall be due in connection with a Remargin Payment.
Minimum DSCR Hurdle. On each DSCR Test Date, if there is a DSCR Failure (as determined based on Adjusted NOI for the twelve months ending on the applicable DSCR Test Date), then Borrower shall pay to Administrative Agent, for the account of Lenders, as a principal payment of the Loan, not later than fifteen (15) Business Days following the day on which the relevant DSCR Certificate is required to be delivered under Section 9.2 (or, in the case of an Option to Extend, not later than the then current Maturity Date), the amount by which the outstanding principal balance of the Loan would be required to be reduced to cause the DSCR to equal the Minimum DSCR Hurdle (each, a “Remargin Payment”). Borrower’s failure to timely make a Remargin Payment shall be a Default hereunder with the requirement of notice of the right to cure. No prepayment fee shall be due in connection with a Remargin Payment.
Minimum DSCR Hurdle. In connection with each Option to Extend and as of June 30 of each year following the Original Maturity Date, if the Debt Service Coverage Ratio (as determined based on Adjusted NOI for the twelve months ending October 31 of the then current year in connection with each Option to Extend and the twelve months ending May 31 of the then current year with respect to the June 30 test) is less than the Minimum DSCR Hurdle, then the Borrower shall pay to the Administrative Agent for the account of the Lenders, as a principal payment of the Loans, not later than fifteen (15) Business Days following the day on which the relevant DSCR Certificate is required to be delivered under Section 9.2 (or, in the case of an Option to Extend, not later than the then current Maturity Date), the amount by which the outstanding principal balance of the Loan would be required to be reduced to cause the Debt Service Coverage Ratio to equal the Minimum DSCR Hurdle.
