DSCR Test Date definition

DSCR Test Date means, commencing on the DSCR Start Date and each March 31, June 30, September 30, and December 31 thereafter, and, with respect to the First Option to Extend, the Second Option to Extend and Third Option to Extend, March 31, 2024, March 31, 2025, and March 31, 2026, respectively.

DSCR Test Date. – means, commencing on the DSCR Start Date and each March 31, June 30, September 30, and December 31 thereafter, and, with respect to the First Option to Extend, the Second Option to Extend and Third Option to Extend, March 31, 2024, March 31, 2025, and March 31, 2026, respectively.

DSCR Test Date means the last day of each December and June, commencing with December 31, 2016.

Examples of DSCR Test Date in a sentence

• On each DSCR Certificate Date, Borrower shall deliver to, or cause to be delivered to Administrative Agent, a certificate, in the form attached hereto as Exhibit G, certifying compliance (or failure to comply, as applicable) with the Minimum DSCR Hurdle for the twelve month period ending on the applicable DSCR Test Date (the “DSCR Certificate”).

• Commencing December 31, 2012, and continuing each June 30 and December 31 (excluding, however, June 30, 2014 and June 30, 2015) of each year thereafter, Borrower shall deliver to, or cause to be delivered to Administrative Agent within thirty (30) days of the applicable DSCR Test Date, a DSCR Certificate certifying compliance (or failure to comply, as applicable) with the Minimum DSCR Hurdle for the twelve month period ending June 30 and December 31 (as applicable) of the then current year.

• If a Minimum DSCR Failure occurs, then Borrower shall pay to Administrative Agent, for the account of Lenders, as a principal payment of the Loan, not later than sixty (60) days following the DSCR Test Date upon which such Minimum DSCR Failure occurred, the amount by which the outstanding principal balance of the Loan would be required to be reduced to cause the Maintenance DSCR Hurdle to be satisfied as of such date of payment (each, a “Remargin Payment”).

• This Debt Service Coverage Ratio Statement is being given for the [DSCR Test Date] [Quarterly Test Date] of ________.

• If a Minimum DSCR Failure occurs, then Borrower shall pay to Administrative Agent, for the account of Lenders, as a principal payment of the Loan, not later than thirty (30) days following any June 30 or December 31 DSCR Test Date upon which such Minimum DSCR Failure occurred, the amount by which the outstanding principal balance of the Loan would be required to be reduced to cause the Property to achieve a DSCR of 1.15:1.00 as of the date of such Minimum DSCR Failure (each, a “Remargin Payment”).

More Definitions of DSCR Test Date

DSCR Test Date has the meaning given to that term in Clause 6.5 (Mandatory prepayment – Debt Service Coverage Ratio).

DSCR Test Date means (a) for purposes of satisfying the Conditions for Mini Perm Xxxx, Xxxxx 00, 0000, (x) for purposes of satisfying the Conditions for Mini Perm Loan Extension, March 31, 2024, (c) for purposes of Section 4.16, each June 30th and December 31st (and, if a Cash Flow Sweep then exists, each September 30th and March 31st) during the term of the Loan, commencing with June 30, 2023, and (d) for purposes of satisfying the Distribution Conditions or the Recourse Burn Off Conditions (as defined in the Payment Guaranty), the last day of the calendar quarter most recently ended for which financial information is sufficient and available to calculate the Debt Service Coverage Ratio.

DSCR Test Date means (a) each June 30 and December 31 during the term of the Loan, commencing with June 30, 2014, (b) (i) March 31, 2017, solely with respect to the Borrower’s election to exercise the First Option to Extend pursuant to Section 2.11(h), (ii) March 31, 2018 solely with respect to the Borrower’s election to exercise the Second Option to Extend pursuant to Section 2.11(h); (iii) March 31, 2019 with respect to the Borrower’s election to exercise the Third Option to Extend, and (iv) March 31, 2020 solely with respect to the Fourth Option to Extend pursuant to Section 2.11(h), and (c) the last day of each calendar quarter commencing September Loan No. 1005062 30, 2017, if Borrower exercises the Option to Extend solely with respect to the determination for Amortization Payments.

DSCR Test Date means (a) the Calculation Date occurring six months after the last day of the calendar month in which the Closing Date occurs and (b) each Calculation Date thereafter.

DSCR Test Date has the meaning given to that term in Clause 6.4 (Mandatory prepayment and cancellation – Debt Service Coverage Ratio). Earnings means, in respect of a Vessel, all present and future moneys and claims which are earned by or become payable to or for the account of the Parent or other relevant Obligor in connection with the operation or ownership of that Vessel and including but not limited to:

DSCR Test Date means each June 30 and December 31.

DSCR Test Date means the last day of each calendar quarter during the term of the Loan, commencing with June 30, 2016.