DSCR Trigger Event definition

DSCR Trigger Event means the Debt Service Coverage Ratio is less than 1.09 to 1.00, as determined by Lender, based upon the trailing three (3) month period immediately preceding the date of determination.

DSCR Trigger Event has the meaning specified in Section 6.17(c)(ii).

DSCR Trigger Event means, that as of the date of determination, the Debt Service Coverage Ratio based on the trailing six (6) month period immediately preceding the date of such determination is less than 1.00.

Examples of DSCR Trigger Event in a sentence

• As at 31 December 2015 the DSCR was 1.08, which is defined as a “Low DSCR Trigger Event” in the Mezz Loan agreement.Upon the earlier of (i) three occurrences of a Low DSCR Trigger Event, or (ii) a DSCR below 1.05, the borrower is required to post a letter of credit.

• Lender shall have the right to require Borrower to cause Mortgage Borrower to replace Manager with a Qualified Manager pursuant to a Replacement Management Agreement upon the occurrence of any of the following events: (a) an Event of Default hereunder has occurred and remains uncured, (b) Manager shall become subject to a Bankruptcy Action, (c) a default occurs under the Management Agreement, or (d) Lender has determined in its discretion that there has been a DSCR Trigger Event.

• 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.

• Notwithstanding the foregoing, a DSCR Trigger Event shall not be deemed to have occurred if Borrower shall deposit with Administrative Agent, not later than ten (10) days after Administrative Agent shall notify Borrower that a DSCR Trigger Event has occurred cash or a Qualified Letter of Credit in an amount equal to the DSCR Shortfall (Cash Management Test).

More Definitions of DSCR Trigger Event

DSCR Trigger Event means, that as of the date of determination, the Debt Service Coverage Ratio based on the trailing six (6) month period immediately preceding the date of such determination is less than 1.20 to 1.00.

DSCR Trigger Event means, that as of the date of determination, the Debt Service Coverage Ratio based on the trailing four (4) calendar quarter period immediately preceding the date of such determination is less than the Required DSCR.

DSCR Trigger Event means the Actual Debt Service Coverage Ratio being less than 1.25 to 1.00.

DSCR Trigger Event has the meaning set forth in the Mortgage Loan Agreement.

DSCR Trigger Event means the period commencing on the date on which Lender notifies Borrower of its determination that the Debt Service Coverage Ratio is less than 1.15:1.00.

DSCR Trigger Event means a Debt Service Coverage Ratio, as determined by Xxxxxx, of less than the Required DSCR Ratio on any Calculation Date 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.

DSCR Trigger Event shall occur if the Debt Service Coverage Ratio as of two (2) consecutive DSCR Calculation Dates shall be less than the Required DSCR, and shall continue in effect until such time as (i) the Debt Service Coverage Ratio as of two (2) consecutive DSCR Calculation Dates shall be equal to or greater than the Required DSCR or (ii) when the amount on deposit in the Excess Cash Flow Account equals or exceeds an amount equal to the DSCR Shortfall (Cash Management Test). Notwithstanding the foregoing, a DSCR Trigger Event shall not be deemed to have occurred if Borrower shall deposit with Administrative Agent, not later than ten (10) days after Administrative Agent shall notify Borrower that a DSCR Trigger Event has occurred cash or a Qualified Letter of Credit in an amount equal to the DSCR Shortfall (Cash Management Test). All collateral deposited with Administrative Agent pursuant this Section shall be deemed Additional Collateral. All calculations to be made under this Section 4.4 shall be made by Administrative Agent reasonably and in good faith and shall be conclusive and binding on Borrower so long as the same are made in accordance with the terms of this Agreement. Any Additional Collateral held by Administrative Agent pursuant to this Section 4.4 at the time of payment in full of the Indebtedness shall be promptly returned or released (as applicable) to Borrower after the Indebtedness has been paid in full. If any Additional Collateral is provided to Administrative Agent pursuant to this Section 4.4, and thereafter for at least two (2) consecutive calendar quarters the Debt Service Coverage Ratio shall be equal to or greater than the Required DSCR without taking into account the Additional Collateral then held by Administrative Agent pursuant to this Section 4.4, then Administrative Agent shall release such Additional Collateral to Borrower within ten (10) days after Borrower’s written request therefor and Administrative Agent’s confirmation of the satisfaction of Borrower’s compliance with such condition, provided that no Event of Default then exists and except to the extent such Additional Collateral constitutes Restricted Collateral. In addition, if any cash is deposited with Administrative Agent pursuant to this Section 4.4, Administrative Agent shall, during a Cash Management Period (unless an Event of Default then exists and except to the extent such funds constitute Restricted 62­ Collateral), release portions thereof to pay Operating Expenses, capit...