DSCR Cure definition

DSCR Cure means (a) the achievement of a Debt Service Coverage Ratio of 1.40 to 1.00 or greater for two (2) consecutive quarters based upon the trailing twelve (12) month period immediately preceding the date of determination or (b) Borrower has deposited with Lender the DSCR Cure Deposit.
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DSCR Cure means (a) no Event of Default shall be continuing and (b) the achievement of a Debt Service Coverage Ratio equal to or exceeding the Required DSCR Ratio for the two (2) consecutive calendar quarters immediately preceding the Calculation Date based upon the trailing twelve (12) month period immediately preceding such Calculation Date (which Required DSCR Ratio may be achieved, at Borrower’s sole discretion, by making voluntary prepayments in accordance with the terms of this Agreement in amounts necessary to achieve a Debt Service Coverage Ratio equal to or exceeding the Required DSCR Ratio; provided that in the event the Required DSCR Ratio is achieved by such prepayment, the DSCR Trigger Period shall terminate immediately upon such prepayment without the obligation to wait two (2) consecutive calendar quarters).
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DSCR Cure has the meaning set forth in Section 7.12(b)(ii).
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Examples of DSCR Cure in a sentence

  • Provided no Cash Sweep Period is continuing as of two consecutive Calculation Dates, Lender shall release Cash Collateral Funds in the Cash Collateral Subaccount to Borrower; provided, that in the event of a Low DSCR Cure Prepayment, Lender is required to release the Cash Collateral Funds to Borrower within two (2) Business Days of the date of such Low DSCR Cure Prepayment.

  • If Borrower shall deposit with Lender any DSCR Cure Deposit, such amounts shall be held by Lender as additional security for the Loan and amounts so held shall be hereinafter referred to as the “DSCR Cure Deposit Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “DSCR Cure Deposit Reserve Account”.

  • If at any time no Event of Default is continuing and a DSCR Trigger Event Cure shall occur (without taking into account any sums on deposit in the DSCR Cure Fund or the Letter of Credit delivered to Lender), Lender shall, as applicable, return the Letter of Credit or return all of the funds remaining in the DSCR Cure Fund to Borrower.

  • If at any time the Debt has been repaid in full, Lender shall pay funds, if any, remaining in the DSCR Cure Fund, (A) if any portion of the Mezzanine Loan Debt (other than any contingent liabilities under the Mezzanine Loan Documents) is then outstanding, to Mezzanine Lender or (B) if no portion of the Mezzanine Loan Debt (other than any contingent liabilities under the Mezzanine Loan Documents) is then outstanding, to Borrower.

  • At such time as the conditions for a DSCR Cure have been satisfied (without taking into account the amount of any DSCR Cure Deposit Reserve Funds in the DSCR Deposit Reserve Account necessary to effectuate a cure), provided no Event of Default shall have occurred and be continuing, all DSCR Cure Deposit Reserve Funds then on deposit shall be deposited into the Cash Management Account to be disbursed in accordance with the Cash Management Agreement.

  • Neither a 90 Day DSCR Cure Period nor an Additional DSCR Cure Period shall be in effect.

  • All funds held in the DSCR Cure Fund shall be treated as a “Reserve Fund” hereunder.

  • Provided no Cash Sweep Period is continuing as of two (2) consecutive Calculation Dates (or after the second Calculation Date following the making of a Low DSCR Cure Prepayment by Borrower), Lender shall release Cash Collateral Funds in the Cash Collateral Subaccount to Borrower.

  • From and after the occurrence of a DSCR Trigger Event (but prior to a DSCR Cure Event), Borrower shall deposit with Lender all Excess Cash Flow in the Cash Management Account, which shall be held by Lender as additional security for the Loan and amounts so held shall be hereinafter referred to as the “Excess Cash Flow Reserve Fund” and the account to which such amounts are held shall hereinafter be referred to as the “Excess Cash Flow Reserve Account”.

  • Provided no other Cash Sweep Event has occurred, upon the occurrence of a DSCR Cure Event following the occurrence of a DSCR Trigger Event, all Excess Cash Flow Reserve Funds shall be disbursed to Borrower.


More Definitions of DSCR Cure

DSCR Cure means the date subsequent to a DSCR Trigger Event upon which Borrower provides evidence to Lender, reasonably acceptable to Lender, that (i) the Debt Service Coverage Ratio in connection with the Loan is equal to or greater than 1.05 to 1.00 for two (2) consecutive full calendar quarters subsequent to any DSCR Trigger Event and (ii) no Default has occurred and is continuing.
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Related to DSCR Cure

  • Cash Sweep Period means each period commencing on the occurrence of a Cash Sweep Event and continuing until the earlier of (a) the Payment Date next occurring following the related Cash Sweep Event Cure, or (b) until payment in full of all principal and interest on the Loan and all other amounts payable under the Loan Documents.

  • Non-Monetary Default Cure Period shall have the meaning assigned to such term in Section 11(d).

  • Initial Cure Period As defined in Section 2.03(b).

  • Cure Right shall have the meaning assigned to such term in Section 7.03.

  • DSCR means debt service coverage ratio.

  • Threshold Event Cure shall have the meaning assigned to such term in Section 5(g).

  • Company Cure Period has the meaning specified in Section 10.01(b).

  • Asset Coverage Cure Date means, with respect to the failure by the Fund to maintain Asset Coverage as of the close of business on a Business Day (as required by Section 2.4(a)), the date that is thirty (30) calendar days following such Business Day.

  • Cure Amount has the meaning assigned to such term in Section 7.02(a).

  • Qualifying Replacement Capital Covenant has the meaning specified in the Replacement Capital Covenant.

  • Acceptable Credit Rating means a minimum long term credit rating of either BBB from Standard & Poors or Baa2 from Xxxxx’x; Access Undertaking means:

  • Ratings Decline Period means the period that (i) begins on the earlier of (a) the date of the first public announcement of the occurrence of a Change of Control and (b) the occurrence of a Change of Control and (ii) ends 90 days following consummation of such Change of Control; provided that such period shall be extended for so long as the rating of the Notes, as noted by the applicable Rating Agency, is under publicly announced consideration for downgrade by the applicable Rating Agency.

  • Liquidity Ratio means the ratio of (a) the aggregate amount of unrestricted and unencumbered cash and Cash Equivalents of Borrower maintained with Bank to (b) aggregate outstanding Obligations of Borrower to Bank.

  • Potential Defaulting Lender means, at any time, (i) any Lender with respect to which an event of the kind referred to in the definition of “Lender Insolvency Event” has occurred and is continuing in respect of any Subsidiary of such Lender, or (ii) any Lender that has notified, or whose Lender Parent or a Subsidiary thereof has notified, the Administrative Agent, the Borrower or any LC Issuing Bank in writing, or has stated publicly, that it does not intend to comply with its funding obligations generally under other loan agreements, credit agreements and other similar agreements, unless such writing or statement states that such position is based on such Lender’s determination that one or more conditions precedent to funding cannot be satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing or public statement). Any determination by the Administrative Agent that a Lender is a Potential Defaulting Lender under any of clauses (i) and (ii) above will be conclusive and binding absent manifest error, and such Lender will be deemed a Potential Defaulting Lender (subject to Section 2.19(f) hereof) upon notification of such determination by the Administrative Agent to the Borrower, the LC Issuing Banks and the Lenders.

  • Replacement Capital Covenant has the meaning specified in the introduction to this instrument.

  • S&P Required Ratings Threshold means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, a long-term unsecured and unsubordinated debt rating from S&P of “BBB+”.

  • Debt to Capital Ratio means the ratio of (a) Consolidated Debt to (b) the sum of Borrower Net Worth plus Consolidated Debt.

  • Trigger Period means the period commencing 60 days prior to the first public announcement by the Company of any Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as either of the Rating Agencies has publicly announced that it is considering a possible ratings change).

  • Carve-Out Trigger Notice means a written notice delivered by the Administrative Agent or the Required Lenders (which delivery may be made by any electronic method of transmission) to the Borrower and its counsel, the United States Trustee, and lead counsel to any Committee, which notice may be delivered following the occurrence and continuance of an Event of Default, and stating that the Post-Carve-Out Trigger Notice Cap has been invoked.

  • Adjusted Leverage Ratio means, on any date, the ratio of (a) Total Debt as of such date to (b) Adjusted Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower most recently ended as of such date, all determined on a consolidated basis in accordance with GAAP.

  • Applicable Credit Rating For any long-term deposit or security, a credit rating of AAA in the case of S&P or Aaa in the case of Moody's. For any shxxx-xxxm deposit or security, or a rating of A-l+ in the case of S&P or P-1 in the case of Moody's.