DSCR Ratio definition

DSCR Ratio means, with respect to the last two fiscal quarters for the Borrower, the ratio of: (a) EBITDA of the Borrower for such period, to (b) the aggregate amount of scheduled principal and interest payable (excluding any final payments due at maturity) in respect of Program Debt during the applicable period (whether or not actually paid during such period and disregarding any voluntary prepayments made at the Borrower’s election in accordance with Section 2.05(b)(ii)), plus any Commitment Fees payable during such period, plus any amounts paid by the Borrower during such period under any Hedging Agreements.

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DSCR Ratio means, with respect to the last two fiscal quarters for the Company, the ratio of: (a) EBITDA of the Company for such period, to (b) the aggregate amount of scheduled principal and interest payable (excluding any final payments due at maturity) in respect of Program Debt during the applicable period (whether or not actually paid during such period and disregarding any voluntary prepayments made at the Company’s election in accordance with Section 8.2) payable during such period, plus any amounts paid by the Company during such period under any Hedging Agreements.

DSCR Ratio means, with respect to the last four fiscal quarters for the APR Group, the ratio of: (a) CFADS of the APR Group (excluding any Immaterial Subsidiary which is not an Obligor) for such period, to (b) the aggregate amount of scheduled principal and interest payable (excluding any final payments due at maturity) in respect of Program Debt and any other Indebtedness (other than fully subordinated shareholder debt), accrued or capitalized on the Loans and relevant Indebtedness during the applicable period (whether or not actually paid during such period), provided that for the Funding Date and the first four fiscal quarters for the APR Group after the Funding Date the amount described in clause (b) above shall be calculated using the annualized amount of principal and interest falling due during the period in the fiscal quarter during which the first Payment Date falls (for the avoidance of doubt in this calculation, annualized amortization in such period is 10% of initial loan amount whether scheduled to be paid or not).

Examples of DSCR Ratio in a sentence

On any Test Date a DSCR Cash Sweep Event shall occur if the DSCR Ratio is less than 1.25:1.
A Compliance Certificate signed by the Borrower and certifying, taking account of the proposed Borrowing: (i) the LTV Ratio and that no LTV Event will occur or is continuing; (ii) the DSCR Ratio and that no DSCR Event or DSCR Cash Sweep Event will occur or is continuing; (iii) the Leverage Ratio and that no Leverage Ratio Event will occur or is continuing and (iv) compliance with section 11 of the Parent Guarantee.
So long as no Event of Default exists, a Cash Trap Condition occurring due to a Debt Service Coverage Ratio of less than the Minimum DSCR Threshold shall be deemed cured if the Properties achieve a Debt Service Coverage Ratio of not less than the Minimum DSCR Ratio for two consecutive Calendar Quarters after the occurrence of the Cash Trap Condition, measured at the end of each such two consecutive Calendar Quarters (each a “Cash Trap Cure”).
On any Test Date if the DSCR Ratio is less than (x) 1.5:1 or (y) 1.75:1 if, as of such Test Date, the Parent Guarantor’s Consolidated Tangible Net Worth is less than $1.0 billion (a “DSCR Event”), the Borrower shall provide a Guarantor Cure.
The DSC Ratio may be tested by the Lender commencing as of the Lender’s receipt of ▇▇▇▇▇▇▇▇’s Federal US Corporation Income Tax Return Form 1120 proforma for year-end 2023, and annually thereafter for so long as the Loan remains outstanding (notwithstanding anything to the contrary contained herein, the Lender will separately test the DSCR Ratio in connection Borrower’s request for release of the Payment Reserve pursuant to Section 8.02(e)).
If an Event of Default is continuing or the DSCR Ratio is equal to or less than 1.75:1, any such withdrawals from the Collection Account shall require the prior consent of the Security Trustee.
A Compliance Certificate signed by the Borrowers and certifying, taking account of the proposed Borrowing: (i) the LTV Ratio and that no LTV Event will occur or is continuing; (ii) the DSCR Ratio and that no DSCR Event or DSCR Cash Sweep Event will occur or is continuing; (iii) the Leverage Ratio and that no Leverage Ratio Event will occur or is continuing and (iv) compliance with section 11 of the Parent Guarantee.
On any Test Date (i) if the DSCR Ratio is less than 1.5:1 (a “DSCR Event”), the Borrower shall provide a Guarantor Cure and (ii) a DSCR Cash Sweep Event shall occur if the DSCR Ratio is less than 1.75:1.
On any Test Date (i) if the DSCR Ratio is less than (x) 1.5:1 or (y) 1.75:1 if, as of such Test Date, the Parent Guarantor’s Consolidated Tangible Net Worth is less than $1.0 billion (a “DSCR Event”), the Borrower shall provide a Guarantor Cure and (ii) a DSCR Cash Sweep Event shall occur if the DSCR Ratio is less than 1.75:1.
The Company shall ensure that any Additional Secured Debt shall not provide for Concentration Limits, a DSCR Ratio, a BB Ratio or Project Debt Guarantees on terms more beneficial to the lenders or holders of such Additional Secured Debt than to the Holders unless this Agreement and the other Financing Documents, as applicable, are amended to provide the same benefit to the Holders.

More Definitions of DSCR Ratio

DSCR Ratio means the ratio of (i) annualized Eligible Free Cash Flow for the Company based on the average of the last three reporting periods (net of 12 month operating budget and administrative fees) divided by annualized interest due on or with respect to the Promissory Certificates beginning as of the date of the Most Recent Report. For the purposes of clarity, the DSCR Ratio assumes no principal payments on the Promissory Certificates.

DSCR Ratio means, as of the relevant date of calculation by the Lender, the ratio (expressed as a percentage) that (x) Projected Net Rental Income for the immediately succeeding (12) months (or, in the event the remaining term of the Loan is less than twelve (12) months, the annualized Projected Net Rental Income for the remaining term of the Loan) bears to (y) Projected Debt Service for the immediately succeeding twelve (12) month period (or, in the event the remaining term of the Loan is less than twelve (12) months, the annualized Project Debt Service for the remaining term of the Loan).

DSCR Ratio means, with respect to the last fiscal quarter or trailing 3 months for the Company, the ratio of: (a) all charter hire payments (not, for the avoidance of doubt, including any sales proceeds) received during such period, less the sum of all Senior Expenses to (b) the aggregate amount of scheduled principal and interest payable (excluding any final payments due at maturity) in respect of the Notes during the applicable period (whether or not actually paid during such period and disregarding any voluntary prepayments made at the Company's election in accordance with Section 8.2) payable during such period.

DSCR Ratio means, with respect to the last four fiscal quarters for the APR Group, the ratio of: (a) CFADS of the APR Group (excluding any Immaterial Subsidiary which is not an Obligor) for such period, to (b) the aggregate amount of scheduled principal and interest payable (excluding any final payments due at maturity) in respect of Program Debt and any other Indebtedness (other than fully subordinated shareholder debt) accrued or capitalized on the Loans and relevant Indebtedness during the applicable period, provided that the pro rata application of prepayments made prior to any Test Date for the purposes of the calculation of the DSCR Ratio pursuant to Section 6.08 as of such Test Date shall apply on a pro forma basis and be deemed to retroactively reduce the Term Loan Required Payments for the preceding four fiscal quarters for the purposes of clause (b) above.