DSC Ratio means the ratio determined as follows: for any fiscal year add (i) total net income from the Xxxxxxx Project, or comparable term, of the Borrower, as determined in accordance with GAAP plus Depreciation and Amortization Expense, and interest on Long-Term Debt for such year, divided by (ii) the sum of all scheduled payments of principal required to made during such year and the amount of interest expense related to the period on Long-Term Debt.
DSC Ratio means the ratio determined as follows: for any fiscal year, as set forth in the Borrower’s annual audited financial statements, add (a) increase (decrease) in net position (i.e. net income or other comparable term) of the Borrower with respect to the Project, as determined in accordance with GAAP plus Depreciation and Amortization Expense, and interest on Long-Term Debt for such year, divided by (b) the sum of all scheduled payments of principal required to made during such year with respect to the Project and the amount of interest expense related to such period on Long-Term Debt.
DSC Ratio is hereby defined as the debt service coverage ratio which shall be calculated by Lender in the form of a ratio of: (i) Net Operating Income (as defined this section) to (ii) Debt Service (as defined in this section) as determined solely but reasonably by the Lender during any review period for so long as the Loan remains outstanding.
Examples of DSC Ratio in a sentence
Serviced Loan to MS Scheduled Balance Actual Balance Property Type (2) State Interest Rate Note Date Net Operating Income Net Operating Income Date DSC Ratio DSC Date Maturity Date WART There is no historical Specially Serviced Loan activity.
Notwithstanding the foregoing, Borrower’s failure to maintain the DSC Ratio shall not constitute an Event of Default if, within 60 days after the reporting period of such failure, Borrower receives cash proceeds from the sale and issuance of its equity and/or Subordinated Debt securities in an amount no less than the shortfall amount that caused Borrower’s failure to maintain the DSC Ratio.
Interest Rate will reduce to LIBOR plus 125 bp when the DSC Ratio for any period is equal to or greater than 1.40.
A further reduction to Libor plus 135 bp shall occur once the DSC Ratio for any period is equal to or greater than 1.25.
Interest Rate will reduce to LIBOR plus 115 bp when the DSC Ratio for any period is equal to or greater than 1.50.
More Definitions of DSC Ratio
DSC Ratio shall have the meaning set forth in Section 6.02(b) of this Loan Agreement. [***]
DSC Ratio means, as of the end of any Rolling Period, a ratio of (a) --------- the Parent's Adjusted EBITDA earned from Permitted Property Agreements entered into with MHC and MHC's Subsidiaries to (b) Parent's Interest Expense, for such Rolling Period.
DSC Ratio means the ratio of the annual net operating income from the Lease(s) to the annual regularly scheduled installments of debt service on the Note. Only net operating income from approved or acceptable executed Lease(s) in effect on the Premises, with no uncured monetary Event of Default or material non-monetary Event of Default, shall be used in Lender’s determination of the annual net operating income.
DSC Ratio means, as of the end of any Rolling Period, a ratio of (a) the Borrower's and its Subsidiaries' consolidated Adjusted EBITDA to (b) Borrower's and its Subsidiaries' Debt Service, for such Rolling Period.
DSC Ratio. The DSC Coverage Ratio for any Borrower, for any calendar year means the ratio determined by adding such Borrower’s Patronage Capital and Operating Margins, Non-Operating Margins – Interest, cash received in respect of generation and transmission and other capital credits, Interest Expense with respect to Long-Term Debt and Depreciation and Amortization Expense for such year, and dividing the sum so obtained by the sum of all payments of principal and interest expense required to be made during such year on account of such Borrower’s Long-Term Debt (but in the event any portion of such Borrower’s Long-Term Debt is refinanced during such year the payments of principal and interest expense required to be made during such year in respect thereof shall be based (in lieu of actual payments thereon) upon the larger of (x) an annualization of such payments required to be made with respect to the refinancing debt during the portion of such year such refinancing debt is outstanding and (y) the payments of principal and interest expense required to be made during the following year on account of such refinancing debt); Patronage Capital and Operating Margins, Interest Expense with respect to Long-Term Debt, Depreciation and Amortization Expense, principal and interest expense, Non-Operating Margins – Interest and Long-Term Debt being determined in accordance with the Uniform System of Accounts prescribed at the time by RUS or, if such Borrower is not required to maintain its accounts in accordance with said Uniform System of Accounts, otherwise determined in accordance with GAAP, except that in computing Interest Expense with respect to Long-Term Debt, and payments of interest required to be made on account of Long-Term Debt, for the purpose of the foregoing definition, there shall be added, to the extent not otherwise included, an amount equal to 33-1/3% of the excess of the Restricted Rentals paid by such Borrower for such year over 2% of such Borrower’s Equities and Margins for such year as defined in the Uniform System of Accounts prescribed by RUS or, if such Borrower is not required to maintain its accounts in accordance with said Uniform System of Accounts, otherwise determined in accordance with GAAP.
DSC Ratio means, with respect to any applicable period of time, the ratio of the annual net operating income from the Lease(s) to the annual regularly scheduled Monthly Payments, as reasonably determined by Lender. Only net operating income from executed Lease(s) in effect on the Premises which (i) are deemed approved (in accordance with Section 8.3 of this Agreement) or acceptable to Lender, or do not require Lender's approval, (ii) have no uncured defaults, and (iii) have not had an event occur which has not otherwise been remedied or waived in a commercially reasonable manner, and which at the time of Lender's determination, with the passage of time or giving of notice or both, would become a default, shall be used in Lender's determination of the annual net operating income.
DSC Ratio is hereby defined as the debt service coverage ratio which shall be calculated by Lender in the form of a ratio of: (i) EBITDA (as defined in this section); to (ii) Interest Expense plus CMLTD (as defined in this section). “EBITDA” is defined as combined earnings from the continuing operations of Borrower, plus interest expense, taxes, depreciation, and amortization, and shall not include any gains or losses from the sale of assets outside the normal course of business or any other extraordinary accounting adjustments or non‐recurring items of income or loss except as determined by the Lender. “Interest Expense” is defined to mean the combined interest expense of Borrower determined on a consolidated basis for such period in review. “CMLTD” is defined to mean all scheduled principal payments of current maturing long term debt paid during the period in review, excluding prepayments of principal. Any values may be prorated by the Lender at its option. All such calculations and determinations of the DSC Ratio made by the Lender in good faith, absent manifest error, shall be binding for all purposes under this Loan Agreement