Special Cure for Debt Coverage Ratio Defaults Sample Clauses

Special Cure for Debt Coverage Ratio Defaults. For purposes of determining compliance with the debt coverage ratio covenants set forth above in Section 7.18, (a)(i) and (ii), upon any Default under said covenants, and upon the Borrower's written request to the Agent given no later than two (2) Business Days after such Default occurs, the Borrower shall be allowed ninety (90) days from the original date the Default occurred, to cure such Default before the Agent and/or the Lenders can exercise their remedies. If during this time period the Default is not cured, but the ratio is improved from the previous quarter by at least 50% of the previous report's short fall expressed as a percent (i.
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Special Cure for Debt Coverage Ratio Defaults. For purposes of determining compliance with the debt coverage ratio covenant set forth above in Section 7.18(a)(i), upon any Default under said covenant, and upon the Borrower's written request to the Agent given no later than two (2) Business Days after such Default occurs, the Borrower shall be allowed ninety (90) days from the original date the Default occurred, to cure such Default before the Agent and/or the Lenders can exercise their remedies. If during this time period the Default is not cured, but the ratio is improved from the previous quarter by at least 50% of the previous report's short fall expressed as a percent (i.e., if the ratio was 92% of the requirement, the ratio must have improved to at least 96% of the required ratio), the Borrower may have a second consecutive ninety (90) day cure period upon written request to the Agent given no later than two (2) Business Days after the end of the first ninety (90) day time period. The first and second cure periods will not be provided to the Borrower if the Default results from a debt coverage ratio which is less than 90% of the required covenant, or if any other Default exists at either time.
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Special Cure for Debt Coverage Ratio Defaults. For purposes of determining compliance with the debt coverage ratio covenants set forth above in Section 7.18(a)(i) and (ii), upon any Default under said covenants, and upon the Borrower's written request to the Agent given no later than two (2) Business Days after such Default occurs, the Borrower shall be allowed ninety (90) days from the original date the Default occurred, to cure such Default before the Agent and/or the Lenders can exercise their remedies. If during this time period the Default is not cured, but the ratio is improved from the previous quarter by at least 50% of the previous report's short fall expressed as a percent (i.e., if the ratio was 92% of the requirement, the ratio must have improved to at least 96% of the required ratio), the Borrower may have a second consecutive ninety (90) day cure period upon written request to the Agent given no later than two (2) Business Days after the end of the first ninety (90) day time period. The first and second cure periods will not be provided to the Borrower if the Default results from a debt coverage ratio which is less than 90% of the required covenant, or if any other Default exists at either time.
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Related to Special Cure for Debt Coverage Ratio Defaults

  • Debt Coverage Ratio Borrower shall not permit, as of the last day of any fiscal quarter of Borrower, the Debt Coverage Ratio to be less than 1.75 to 1.00.

  • 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

  • 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

  • Minimum Consolidated Interest Coverage Ratio Permit the Consolidated Interest Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than 3.25 to 1.00.

  • 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.

  • 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 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.

  • Consolidated Interest Coverage Ratio Permit the Consolidated Interest Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than 3.00 to 1.00.

  • 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

  • Asset Coverage Ratio The Borrower will not permit the Asset Coverage Ratio to be less than 1.50 to 1 at any time.

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