Debt Service Coverage Test definition
Debt Service Coverage Test means, as of the Closing Date, a test which shall be satisfied if the Underwritten Net Cash Flow is at least equal to the product of 1.25 and the Assumed Loan Debt Service.
Debt Service Coverage Test shall be satisfied if, at the time the Debt Service Coverage Test is being applied, the Net Cash Flow of the Owner from the Mortgaged Premises for each of the previous two semi-annual interest payment periods for the Secured Note (without an expense deduction for Ground Rent), shall equal or exceed 115% of the aggregate Debt Service of the Owner for the two, six month periods following the date on which the Additional Financing then contemplated is being entered into.
Debt Service Coverage Test means a test which shall be satisfied if the Underwritten Net Cash Flow, measured quarterly on a trailing twelve (12) month basis as of the end of each calendar quarter beginning with the first calendar quarter ending after the Closing Date, is at least equal to the product of the Assumed Loan Debt Service, multiplied by either: (i) until the occurrence of either an Additional Resort Event Exception (which shall be deemed to have occurred upon the opening for business of the Waterpark Resort that is the subject of the Additional Resort Event Exception) or the incurrence of a Mezzanine Loan (which shall be deemed to have occurred upon the funding thereof), 1.25; and (ii) following the occurrence of an Additional Resort Event Exception or the incurrence of a Mezzanine Loan, 1.35.
Examples of Debt Service Coverage Test in a sentence
Lender shall have determined that (i) the Loan Amount is not greater than 80% of the aggregate value of the Mortgaged Property as set forth in the Appraisals delivered on the Closing Date and (ii) the Debt Service Coverage Test is satisfied as of the Closing Date.
Such determination of the Debt Service Coverage Test Amount by the Agent shall be conclusive and binding absent manifest error.
Borrower may make a voluntary prepayment of the Loan on the Original Maturity Date, the First Extended Maturity Date or the Second Extended Maturity Date, as applicable, in order to be in compliance with the Debt Service Coverage Test on any such date (including from equity capital contributions from its principals).
In the event Borrower is entitled to the release of funds from the Other Property Expenses Account following the delivery of written confirmation from the Agent that the Debt Service Coverage Test has been satisfied, Lenders and the Collateral Agent (upon receipt of written notice thereof from the Agent) shall release any and all amounts on deposit in the Other Property Expenses Account to Borrower’s Operating Account on the Business Day on which Borrower satisfies such test.
If Mortgagor shall be in compliance with the Debt Service Coverage Test and the Property Release Test, Mortgagee shall cause the Condemnation Proceeds to be paid to Mortgagor.
More Definitions of Debt Service Coverage Test
Debt Service Coverage Test means the debt service coverage test set forth in Condition 3 of Sections 3 of the Consolidated Bond Resolution and in making such calculation, for the purposes of this Agreement, the Authority shall calculate the test using a principal amount equal to the greater of (a) $750,000,000 and (b) the sum of (i) the maximum principal amount available to be drawn under all Bank Lines, (ii) the principal amount outstanding under all Bank Loans plus any amounts available to the Authority thereunder which have not been drawn, and (iii) the principal amount of all Commercial Paper Notes authorized to be issued under the Commercial Paper Program with respect to which the Authority has retained an issuing and paying agent to serve as issuing and paying agent for such Commercial Paper Notes and the Authority currently maintains a credit rating for such Commercial Paper Notes (such amount being referenced herein as “Issuing Capacity”), as modified by the Pro Forma Debt Service Modifications, in the calculation of debt service for purposes of such test.
Debt Service Coverage Test means, as of any date of calculation with respect to the Mortgaged Property, a test which shall be satisfied if the Adjusted Property Net Cash Flow at such date is at least equal to the product of 1.20 and the Loan Debt Service at such date. The Debt Service Coverage Test shall be calculated no less than monthly by the Agent based upon the Adjusted Property Net Cash Flow computed quarterly by the Agent from the most recent Quarterly Statement delivered by Borrower. If on any given calculation date, (a) the Debt Service Coverage Test has been satisfied and the Debt Service Coverage Test was not satisfied on the immediately preceding calculation date, or (b) the Debt Service Coverage Test has not been satisfied and the Debt Service Coverage Test was satisfied on the immediately preceding calculation date, then the Agent shall promptly inform Collateral Agent and Borrower of such satisfaction or non-satisfaction.
Debt Service Coverage Test means as of any date of calculation, a test which shall be satisfied if the Underwritten Net Cash Flow is at least equal to the product of 1.20 (for purposes of funding Advances and the calculation of the Release Price) or 1.55 (for purposes of funding Reserve Accounts) and, in each of the foregoing cases, the Assumed Loan Debt Service; provided, that at any time the Diversity Test is not satisfied, the Debt Service Coverage Test shall be satisfied for any of the foregoing purposes and for purposes of Section 2.7(b) of this Agreement only if the Underwritten Net Cash Flow is at least equal to the product of 2.25 and the Assumed Loan Debt Service.
Debt Service Coverage Test means as of any date of calculation with respect to a Capital Event, Substitution, partial defeasance or other event, a test which shall be satisfied if the Debt Service Coverage Ratio for the Mortgaged Properties that remain (or with respect to a Substitution, are collateral for the Loan) after such Capital Event, Substitution, partial defeasance or other event equals or exceeds the greater of (i) the Debt Service Coverage Ratio on the Closing Date of 1.31 and (ii) the lesser of (A) the Debt Service Coverage Ratio immediately prior to the applicable Capital Event, Substitution, partial defeasance or other event and (B) 1.60.
Debt Service Coverage Test means a test that is satisfied if, as of the determination date, the Debt Service Coverage Ratio is equal to at least 4.0:1.0.
Debt Service Coverage Test means, as of any date of calculation with respect to the Mortgaged Property, a test which shall be satisfied if the Adjusted Property Net Cash Flow is at least equal to the product of 1.20x and the Loan Debt Service. The Debt Service Coverage Test shall be calculated no less than monthly by the Agent (using in the Market Constant calculation the interest rate on the Loan for the related Interest Accrual Period) based upon the Adjusted Property Net Cash Flow computed quarterly by the Agent from the most recent Quarterly Statement delivered by Borrower. If on any given calculation date, (a) the Debt Service Coverage Test has been satisfied and the Debt Service Coverage Test was not satisfied on the immediately preceding calculation date, or (b) the Debt Service Coverage Test has not been satisfied and the Debt Service Coverage Test was satisfied on the immediately preceding calculation date, then the Agent shall promptly inform Collateral Agent and Borrower of such satisfaction or non-satisfaction.
Debt Service Coverage Test is hereby amended by the deletion of "1.50" in the second line of such definition and the insertion in its place of "1.30."