Combined Debt Service Coverage Ratio definition

Combined Debt Service Coverage Ratio means, for any period, the quotient obtained by dividing (1) the aggregate Adjusted Net Cash Flow for all Individual Properties for the specified period by (2) the aggregate Combined Debt Service due for such period, assuming that the Loan is payable in accordance with a 25-year amortization schedule.

Combined Debt Service Coverage Ratio means, as of any determination date, the ratio of (a) annualized Combined NOI (based on the results of operations of the Property and each Other Property for the preceding three months), to (b) Combined Annual Debt Service.

Combined Debt Service Coverage Ratio means, for any period, the ratio of (a) current gross potential rent roll annualized times 95% plus current other income from services provided at both of the Projects annualized less the greater of (x) the Xxxxxxx Mac underwritten expenses (Heritage expenses of $3,172,428 and Devonshire expenses of $4,541,516) which includes real estate taxes or (y) the combined Projects' actual trailing twelve months' operating expenses which includes real estate taxes, (b) divided by the debt service for the bonds financing both Projects. For those bonds that after the Conversion Date will bear interest at a Floating Rate, the notional annual debt service will be calculated by adding the deposits to the Principal Reserve Fund for the next twelve months plus the annualized four week average interest rate on the bonds for the four weeks ending on the reset date immediately prior to the calculation date, plus the actual fixed spread, that equals the sum of the Servicing Fee, the Xxxxxxx Mac Credit Facility Fee, the Xxxxxxx Mac Liquidity Facility Fee, the Trustee's fees, the Issuer's fee and the Remarketing Agent's fee, plus 200 basis points. For those bonds that after the Conversion Date will bear interest at a new Fixed Rate, annual debt service (including principal) will be calculated based upon the annual Fixed Rate of the bonds projected by the Remarketing Agent plus the actual fixed spread that equals the sum of the Servicing Fee, the Xxxxxxx Mac Credit Facility Fee, the Trustee's fee and the Issuer's fee.

Examples of Combined Debt Service Coverage Ratio in a sentence

• Provided that there is no outstanding Default or Event of Default, such additional collateral which has not been applied to the Loan Obligations will be released by Lender at such time as Borrower provides Lender with evidence that the required Combined Debt Service Coverage Ratio requirements outlined above have been achieved and maintained (without regard to any cash deposited pursuant to this Section 4.14) for two (2) consecutive fiscal quarters.

• Borrower acknowledges that it shall be reasonable for Lender to disapprove any proposed terms for renewal of the Deckers Lease if, after giving effect to any such proposed terms, the Property and the Other Property would not satisfy, on a pro forma basis, both (1) a Combined Debt Service Coverage Ratio of at least 1.60:1.00, and (2) a Combined Debt Yield Ratio of at least twelve percent (12%).

• Borrower will not allow the Facility 1 and Facility 2 Combined Debt Service Coverage Ratio to be less than 1.30 to 1.00.

• Provided that there is no Default or Event of Default, such additional collateral which has not been applied to the Loan Obligations will be released by Lender at such time as Borrower provides Lender with evidence that the required Debt Service Coverage Ratio or the Combined Debt Service Coverage Ratio outlined above have been achieved and maintained (without regard to any cash deposited pursuant to this Section 4.14) as of the end of each of the two (2) preceding consecutive fiscal quarters.

• Concurrently herewith, Borrower shall make a principal payment sufficient to reduce the outstanding principal balance of the Loan to an amount resulting in a Combined Debt Service Coverage Ratio of 1.0 to 1.0. Borrower and Lender hereby agree such principal payment shall equal $1,319,339.53.

More Definitions of Combined Debt Service Coverage Ratio

Combined Debt Service Coverage Ratio shall have the meaning assigned to that term in the Holdco Deposit Account Agreement.

Combined Debt Service Coverage Ratio means the ratio of Operating Cash Flow to “Combined Debt Service” (as defined below). During any calendar quarter ending on March 31, June 30, September 30 or December 31 (each a “Quarter”) during the time periods set forth below, Trustor shall not permit the Combined Debt Service Coverage Ratio during such Quarter to be less than the ratios shown below:

Combined Debt Service Coverage Ratio means a ratio in which the first number is the aggregate sum of “net pre-tax income” of Borrower (depending on the particular covenant) from usual operations of the Facilities as set forth in the financial statements provided to Lender (without deduction for Actual Management Fees or management expenses paid or incurred in connection with the operation of the Facilities), calculated based upon the preceding twelve (12) months (or such lesser period of time as specified in the particular covenant), plus the Loan interest expense plus Actual Management Fees and non-cash expenses or allowances for depreciation and amortization of the Facilities for such period, less Assumed Management Fees for such period and the second number is the sum of the principal amounts due (even if not paid) on the Loan (but which shall not include that portion associated with any balloon payment of the Loan) for the applicable period plus the interest due on the Loan for the applicable period. In calculating “net pre-tax income,” Extraordinary Income and Extraordinary Expenses shall be excluded.

Combined Debt Service Coverage Ratio means the Debt Service Coverage Ratio for the Facility and the facilities described in the Related Loan Documents.

Combined Debt Service Coverage Ratio means, with respect to the Mortgaged Properties, the ratio of:

Combined Debt Service Coverage Ratio for any period shall be determined as the quotient obtained by dividing (i) Adjusted Net Operating Income derived from the Multi-State Collateral for the most recent trailing 12-month period by (ii) the amount of debt service payments (principal and interest) (computed on an annualized basis, based upon the loan terms in effect on the date of determination) which would be required to be made under this Agreement and related Loan Documents during such period.

Combined Debt Service Coverage Ratio means, for any period of determination, the ratio of (i) the sum of the OPNY Net Cash Flow and the OPMW Net Cash Flow to (ii) the sum of the OPNY Debt Service and the OPMW Debt Service, calculated on a trailing 12 month basis; provided, that, if the date of determination occurs prior to June 30, 2003, such ratio shall be calculated based on actual results over the period from and including July 1, 2002, to but excluding such date of determination; and provided, further that, any prepayment for coal made pursuant to any New Coal Contract (as defined in the OPMW Credit Agreement) as permitted by Section 6.07(b) of the OPMW Credit Agreement, shall be excluded from OPMW Net Cash Flow until such time as the coal attributable to such prepayments is delivered to OPMW at which time, to the extent of the coal so delivered, the Operating Costs properly attributable thereto shall be included in the calculation of OMPW Net Cash Flow for the period in which such delivery occurs, the calculation of the Combined Debt Service Coverage Ratio made as of December 31, 2002.