Low DSCR Period shall commence if, as of any Calculation Date, the Debt Service Coverage Ratio is less than 1.20:1.00, and shall end if (i) the Properties have achieved, as of any two succeeding consecutive Calculation Dates, a Debt Service Coverage Ratio of at least 1.20:1.00 or (ii) immediately (without waiting for two (2) consecutive Calculation Dates) upon Borrower prepaying the principal amount of the Loan in an amount sufficient to cause the Debt Service Coverage Ratio to be equal to or in excess of 1.20:1.00.
Low DSCR Period shall have the meaning set forth in the Loan Agreement (Mortgage).
Low DSCR Period means any period commencing on the Payment Date following the conclusion of any three consecutive DSCR Tests (where the third DSCR Test performed is for the DSCR Test Period ending on any March 31, June 30, September 30 or December 31) for which the Aggregate DSCR for the Properties then subject to the Lien of the Mortgage does not exceed ninety percent (90%) of the Closing Date DSCR, and ending on the day immediately preceding the Payment Date following the conclusion of any three consecutive DSCR Test (where the third DSCR Test performed is for the DSCR Test Period ending March 31, June 30, September 30 or December 31) for which the Aggregate DSCR for the Properties then subject to the Lien of the Mortgage exceeds ninety percent (90%) of the Closing Date DSCR.
Examples of Low DSCR Period in a sentence
The HMA-QA Plan will include a brief narrative of the area of responsibilities of each HMA quality assurance team member and will describe the coordination of the activities of the Engineer, support staff and the QAT(s).
Pursuant to and in accordance with the provisions of Section 3.1.1, during a Low DSCR Period, monies shall be transferred in accordance with Section 3.1.1 hereof from the Holding Account into the applicable Low DSCR Reserve Account and retained by Lender as additional security for the Indebtedness and shall be applied or disbursed as hereinafter provided.
During any Low DSCR Period, in the event that Borrower incurs or is required to incur an extraordinary operating expense not set forth in the Approved Annual Budget relating to the Properties (each an “Extraordinary Operating Expense”), then Borrower shall promptly deliver to Lender a reasonably detailed explanation of such proposed Extraordinary Operating Expense for Xxxxxx’s approval.
Servicer shall notify the Cash Management Bank and the Obligors of any change in the Minimum Balance at any time during the continuance of a Low DSCR Period.
Additionally, during any Low DSCR Period, Borrower agrees to deposit within one (1) Business Day of receipt thereof into the Grand Wailea Refund Reserve Account any membership deposits received during such Low DSCR Period at the Grand Wailea Property (collectively, LOW DSCR GW MEMBERSHIP DEPOSITS).
More Definitions of Low DSCR Period
Low DSCR Period shall (I) commence if the Debt Service Coverage Ratio is less than 1.20:1.00 as of any Calculation Date, provided, however, if any Tenant (pursuant to a Major Lease and/or a Lease Sweep Lease) shall become subject to a Tenant Adjustment Event, then the Underwritten Net Cash Flow as of the most recent Calculation Date may be immediately adjusted downward by Lender and to the extent said adjustment results in a Debt Service Coverage Ratio that is below 1.20:1.00, a Low DSCR Period shall immediately commence and (II) end if the Property has achieved a Debt Service Coverage Ratio of at least 1.25:1.00 for two consecutive Calculation Dates, as determined by Lender (provided that if the financial reports required under Sections 4.9.2 and 4.9.3 are not delivered to Lender as and when required hereunder, a Low DSCR Period shall be deemed to have commenced and be ongoing, unless and until such reports are delivered and they indicate that, in fact, no Low DSCR Period is ongoing).
Low DSCR Period means any period commencing on (i) the conclusion of any calendar quarter for which the Debt Service Coverage Ratio is less than 1.10:1.00, to (ii) the conclusion of any two consecutive calendar quarters thereafter for each of which the Debt Service Coverage Ratio is greater than or equal to 1.10:1.00.
Low DSCR Period means a period that shall commence on the date which is the first day of the Interest Period following the determination by Lender that the Component E2 DSCR determined with reference to the applicable DSCR Period Measurement Date is less than the Low DSCR Trigger based on the financial statements of Borrower related to such DSCR Period Measurement Date and any applicable amounts in the PCC Reserve Subaccount as of the date of determination, and shall end if no Component E1 DSCR Period or Component D DSCR Period is continuing (provided that a Low DSCR Period may end simultaneously with a Component E1 DSCR Period or a Component D DSCR Period in accordance with the related definitions thereof) and (i) on the date which is the first day of the Interest Period following the determination by Lender that, as of the applicable DSCR Period Measurement Date, based on the financial statements of Borrower related to such DSCR Period Measurement Date and any applicable amounts in the PCC Reserve Subaccount as of the date of determination, that, as of any two (2) succeeding consecutive Calculation Dates occurring after the commencement of the related Low DSCR Period, the Component E2 DSCR is at least the Low DSCR Trigger or (ii) upon Borrower prepaying the principal amount of the Loan in an amount sufficient to cause the Component E2 DSCR to be at least the Low DSCR Trigger, effective as of the first day of the Interest Period following the date on which such prepayment is made; provided that no Low DSCR Period will be continuing if the Component Outstanding Principal Balance of Component E-2 and all more
Low DSCR Period shall (I) commence if the Debt Service Coverage Ratio is less than 1.20:1.00 as of any Calculation Date, provided, however, if any Tenant shall become subject to a Tenant Adjustment Event, then the Underwritten Net Cash Flow as of the most recent Calculation Date may be immediately adjusted downward by Lender and to the extent said adjustment results in a Debt Service Coverage Ratio that is below 1.20:1.00, a Low DSCR Period shall immediately commence and (II) end if the Property has achieved a Debt Service Coverage Ratio of at least 1.20:1.00 for two consecutive Calculation Dates, as determined by Lender (provided that if the financial reports required under Sections 4.9.2 and 4.9.3 are not delivered to Lender as and when required hereunder, a Low DSCR Period shall be deemed to have commenced and be ongoing, unless and until such reports are delivered and they indicate that, in fact, no Low DSCR Period is ongoing).
Low DSCR Period means the period of time commencing upon the occurrence of a Cash Flow Sweep Trigger Event and continuing thereafter unless and until the occurrence of a Debt Service Achievement Event.
Low DSCR Period means the period commencing upon a Low DSCR Triggering Event and ending upon a Low DSCR Termination Event".
Low DSCR Period shall commence if, based on the applicable Calculation Date Report, as of any Calculation Date, the DSCR Cash Trap Trigger Test is not satisfied, and shall end if (i) as of any two succeeding consecutive Calculation Dates, the DSCR Cash Trap Trigger Test shall have been satisfied (based on the applicable Calculation Date Reports) or (ii) immediately (without waiting for two (2) consecutive Calculation Dates) upon Borrower prepaying the principal amount of the Loan in an amount sufficient to cause the DSCR Cash Trap Trigger Test to be satisfied on a pro forma basis as of the most recent Calculation Date.