Actual Debt Service Coverage Ratio shall have the meaning set forth on Exhibit A attached hereto and made a part hereof. All capitalized terms in such definition are also set forth on Exhibit A.
Actual Debt Service Coverage Ratio means as of the last day of the calendar month immediately preceding the applicable date of calculation, the quotient obtained by dividing (1) the Adjusted Net Cash Flow by (2) the aggregate principal and interest projected to be due and payable over the twelve (12) month period subsequent to the date of calculation and a 30-year amortization period. Borrower shall deliver to Lender such information as is reasonably required for Lender to make all applicable calculations. Lender’s calculation of the Actual Debt Service Coverage Ratio, and all component calculations, shall be conclusive and binding on Borrower absent manifest error.
Actual Debt Service Coverage Ratio means as of the last day of the calendar month immediately preceding the applicable date of determination, the quotient obtained by dividing (1) the Adjusted Net Cash Flow by (2) the aggregate actual Debt Service (excluding Reserve Funds) projected over the twelve (12) month period subsequent to the date of calculation. Lender’s calculation of the Actual Debt Service Coverage Ratio shall be conclusive and binding on Borrower absent manifest error.
Examples of Actual Debt Service Coverage Ratio in a sentence
The Borrower will not at any time permit the Actual Debt Service Coverage Ratio to be less than or equal to 2.00 to 1.00.
The Borrower will not at any time permit the Unencumbered Pool Actual Debt Service Coverage Ratio to be less than 2.00 to 1.00.
Maintain an Actual Debt Service Coverage Ratio of not less than 1.50 to 1 with respect to the Mortgaged Properties.
If, as of any Determination Date after Borrower’s obligation to so deposit cash flow with Lender in the Sweep Account ceases, the Debt Service Coverage Ratio once again becomes less than 1.10 to 1.00 but 1.05 to 1.00 or greater, Borrower’s obligation to so deposit cash flow with Lender in the Sweep Account shall resume until the next Determination Date on which the Actual Debt Service Coverage Ratio is 1.10 to 1.00 or greater for two consecutive calendar quarters.
The Actual Debt Service Coverage Ratio shall be tested each calendar quarter and at the time of each Advance hereunder.
More Definitions of Actual Debt Service Coverage Ratio
Actual Debt Service Coverage Ratio means, with respect to all Mortgaged Properties, the ratio of Net Operating Income to Debt Service allocable to Advances made for Permitted Purposes with respect to the Mortgaged Properties computed on the basis of a twenty-five (25) year amortization schedule and a rate of interest equal to the actual rate of interest charged for all Advances then outstanding plus scheduled principal payments.
Actual Debt Service Coverage Ratio means a ratio for the applicable period in which:
Actual Debt Service Coverage Ratio means, for purposes of the calculation set forth in Section 15.10, the ratio of the Actual Net Income to Debt Service.
Actual Debt Service Coverage Ratio means, with respect to all Mortgaged Properties, the ratio of Net Operating Income to Debt Service computed on the basis of a twenty-five (25) year amortization schedule and a rate of interest equal to the actual rate of interest charged on the outstanding balance of the Loan at the time of determination.
Actual Debt Service Coverage Ratio. |_| Compliance: Yes: |_| No:|_|
Actual Debt Service Coverage Ratio means as of the last day of the calendar month immediately preceding the applicable date of determination, the quotient obtained by dividing (A) the Adjusted Net Cash Flow by (B) the aggregate actual Debt Service (excluding Reserve Funds) for the trailing twelve (12) month period immediately preceding the date of calculation determined using an interest rate equal to the Interest Rate as of the date of calculation as determined by Agent. The Actual Debt Service Coverage Ratio shall be tested by Agent on a monthly basis based on the quarterly calculation of same delivered to Agent in accordance with Section 7.12(a)(vi) hereof (it being acknowledged that Borrower’s quarterly reporting obligations under Section 7.12(a)(vi) hereof shall include an obligation to set forth a monthly calculation of the Actual Debt Service Coverage Ratio for each of the three (3) months in the applicable quarter). Agent’s calculation of the Actual Debt Service Coverage Ratio shall be conclusive and binding on Borrower absent manifest error. “Adjusted Net Cash Flow” shall mean the Underwritten NOI less normalized FF&E expenditures equal to the greater of (1) four percent (4%) of Operating Income and (2) deposits of FF&E Funds by Borrower or Manager, as applicable, with Lender on a trailing twelve (12)
Actual Debt Service Coverage Ratio means as of the applicable date of determination, the quotient obtained by dividing (1) the Underwritten NOI for the trailing twelve (12) months ending on the last day of the second (2nd) calendar month preceding the calendar month in which the date of determination occurs by (2) the aggregate actual Debt Service, projected over the twelve (12) month period subsequent to the date of calculation determined using a loan constant calculated, respectively, based upon an interest rate equal to the sum of (x) the Capped LIBOR Rate and (y) the Spread as of the date of calculation as determined by Lender. Lender’s calculation of the Actual Debt Service Coverage Ratio shall be conclusive and binding on Borrower absent manifest error.