Rent Coverage Requirement Sample Clauses

Rent Coverage Requirement. (a) Lessee must achieve a Lease Coverage Ratio (i) after deduction of Assumed Management Fees, of not less than 1.10 to 1.00, and (ii) after deduction of Actual Management Fees, of not less than 1.00 to 1.00 ((i) and (ii) collectively referred to as the “Rent Coverage Requirement”). Within forty-five (45) days of the end of each fiscal quarter, Lessee shall provide evidence to Lessor of the achievement of the Rent Coverage Requirement. Lessee’s fiscal year begins on January 1st and ends on December 31st. (b) The Rent Coverage Requirement shall be tested quarterly during the Term. In the event of a failure by Lessee to achieve the Rent Coverage Requirement for two (2) consecutive fiscal quarters during the Term, Lessee shall increase the Lease Deposit by one (1) additional month of Basic Rent so that the Lease Deposit equals three (3) months of Basic Rent as provided in Section 1.07(a) above (and failure to make such increase within five (5) business days of receipt of written notice from Lessor shall be an Event of Default under this Lease). In the event that Lessee fails to achieve the Rent Coverage Requirement for a third (3rd) consecutive fiscal quarter, such failure shall be an Event of Default under this Lease, although Lessee can cure such Event of Default by, within thirty (30) days of the expiration of such third (3rd) consecutive fiscal quarter, further increasing the Lease Deposit by an amount which, if the same had been added to the Net Operating Income of the Properties on the last day of the period for which the Lease Coverage Ratio was calculated, would have resulted in the Rent Coverage Requirement being achieved. Provided that there is no other outstanding default under this Lease, any amounts that Lessee has provided to Lessor under this Section 1.08 in order to increase the Lease Deposit and that have not been applied to Lessee’s obligations under this Lease will be released by the Lessor at such time as the Lessee provides the Lessor with evidence that the Rent Coverage Requirement has been achieved and maintained for two (2) succeeding consecutive fiscal quarters. (c) For the purposes of this Lease, “Lease Coverage Ratio” shall mean a ratio in which the numerator is the sum of Net Operating Income of the Properties with respect to the Applicable Period as set forth in the financial information required to be provided by Lessee to Lessor under Section 8.02 of this Lease, and the denominator is the Basic Rent with respect to the Applicabl...
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Related to Rent Coverage Requirement

  • Coverage Requirements (08/19) Contractor shall comply with the following insurance requirements:

  • Insurance Coverage Requirements Without limiting CONTRACTOR’s duty to indemnify, CONTRACTOR shall maintain in effect throughout the term of this Agreement a policy or policies of insurance with the following minimum limits of liability:

  • Insurance Requirement In addition to specific insurance requirements which may be set out in this Contract, throughout the term of this Contract and the warranty period of any Products, Supplier shall have and maintain at its expense: (a) general and public liability insurance with coverage limits reasonably acceptable to Buyer and naming Buyer as an additional insured; (b) all risk property perils insurance covering the full replacement value of Bailed Property (as defined below) while in Supplier’s care, custody, or control and naming Buyer as loss payee; and (c) worker’s compensation insurance as required by applicable law. Insurance coverage amounts shall in no case be less than as standard in the industry, and shall be with carriers with at least an A.M. Best rating of “A” excellent, and a financial size rating of at least Class V. Supplier will furnish to Buyer certificates of insurance setting forth the amount of coverage, policy number and date(s) of expiration. Supplier shall provide at least sixty (60) days’ prior written notice to Buyer of cancellation or material alteration of insurance.

  • Minimum Insurance Requirements Contractor shall procure and maintain for the duration of the contract insurance against claims for injuries or death to persons or damages to property which may arise from or in connection with the performance of the work hereunder and the results of that work by the Contractor, his agents, representatives, employees or sub-contractors. Coverage - Coverage shall be at least as broad as the following:

  • Coverage Minimum Requirement Commercial General Liability Insurance, including Bodily Injury, Personal Injury, Property Damage, Advertising Injury, and Medical Payments Each Occurrence General Aggregate $ 1,000,000 $ 2,000,000 Automobile Liability Insurance - Any Auto Each Occurrence General Aggregate $ 1,000,000 $ 2,000,000 Professional Liability $ 1,000,000 Workers Compensation Statutory Limits Employer’s Liability $ 1,000,000

  • Release Requirement Notwithstanding any provision herein to the contrary, except as otherwise determined by the Company, in order for the Grantee to receive Shares pursuant to the settlement of Vested RSUs under Section 6(a), (b), (c), (d) or (e) above, the Grantee (or the representative of his or her estate) must execute and deliver to the Company a general release and waiver of claims against the Company, its Subsidiaries and their directors, officers, employees, shareholders and other affiliates in a form that is satisfactory to the Company (the “Release”). The Release must become effective and irrevocable under applicable law no later than 60 days following the date of the Grantee’s death, termination of employment or transfer of position, as applicable.

  • Review of insurance requirements The Security Trustee shall be entitled to review the requirements of this Clause 13 from time to time in order to take account of any changes in circumstances after the date of this Agreement which are, in the opinion of the Majority Lenders, significant and capable of affecting the Owners or the Ships and their insurance (including, without limitation, changes in the availability or the cost of insurance coverage or the risks to which the Owners may be subject), and may appoint insurance consultants in relation to this review at the cost of the Borrower.

  • Notice Requirement No termination of this Agreement shall be effective unless and until the party terminating this Agreement gives prior written notice to all other parties to this Agreement of its intent to terminate which notice shall set forth the basis for such termination. Furthermore, in the event that any termination is based upon the provisions of Article VII, or the provision of Section 10.1(a), 10.1(i) or 10.1(j) of this Agreement, such prior written notice shall be given in advance of the effective date of termination as required by such provisions; and

  • Service Requirement Except as otherwise provided in Section 6(e) of the Plan or Section 2 of this Agreement, this Option may be exercised only while you continue to provide Service to the Company or any Affiliate, and only if you have continuously provided such Service since the Grant Date of this Option.

  • Insurance Requirements Vendor agrees to maintain the following minimum insurance requirements for the duration of this Agreement. All policies held by Vendor to adhere to this term shall be written by a carrier with a financial size category of VII and at least a rating of “A‐” by A.M. Best Key Rating Guide. The coverages and limits are to be considered minimum requirements and in no way limit the liability of the Vendor(s). Any immunity available to TIPS or TIPS Members shall not be used as a defense by the contractor's insurance policy. Only deductibles applicable to property damage are acceptable, unless proof of retention funds to cover said deductibles is provided. "Claims made" policies will not be accepted. Vendor’s required minimum coverage shall not be suspended, voided, cancelled, non‐renewed or reduced in coverage or in limits unless replaced by a policy that provides the minimum required coverage except after thirty (30) days prior written notice by certified mail, return receipt requested has been given to TIPS or the TIPS Member if a project or pending delivery of an order is ongoing. Upon request, certified copies of all insurance policies shall be furnished to the TIPS or the TIPS Member. Vendor agrees that when Vendor or its subcontractors are liable for any damages or claims, Vendor’s policy, shall be primary over any other valid and collectible insurance carried by the Member or TIPS.

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