Low DSCR Trigger Event definition

Low DSCR Trigger Event means, at any time prior to the Maturity Date, that the Debt Service Coverage Ratio measured as of the end of any calendar quarter is less than 1:15:1.00.

Low DSCR Trigger Event means, at any time prior to the Maturity Date, that the Pro Forma Debt Service Coverage Ratio for any calendar quarter is less than 1.45:1.00.”

Low DSCR Trigger Event means, at any time after the first day of the Second Extension Period, that the Debt Service Coverage Ratio based on the outstanding principal amount of the Loans for the most recently ending trailing twelve (12) month period is less than 1.25:1.00.

Examples of Low DSCR Trigger Event in a sentence

• Upon the occurrence of a Low DSCR Trigger Event and on each day that the required monthly report is due under Section 8.01(e) and continuing for each month thereafter during any Low DSCR Trigger Period, the Borrower shall cause all Excess Cash from the Projects to be paid each month directly to the Administrative Agent for deposit into a Cash Trap Account established for the Borrower as additional collateral for its Obligations.

• Provided no Default or Event of Default then exists, any funds held in the Cash Trap Account shall be released to the Borrower for the account of the Borrower upon the occurrence of a Low DSCR Release Event and, in such event the Borrower shall no longer be required to cause the deposit of the subsequent Excess Cash into the Cash Trap Account unless a Low DSCR Trigger Event occurs with respect to any future calendar quarter.

• Provided no Event of Default has occurred and is continuing, any funds held in the Tax and Insurance Reserve Fund shall be released to Borrower upon the occurrence of a Low DSCR Release Event and, in such event Borrower shall no longer be required to cause any amounts to be deposited into the Tax and Insurance Reserve Account unless a Low DSCR Trigger Event occurs with respect to any future calendar quarter.

• Provided no Event of Default has occurred and is continuing, any funds held in the Ground Rent Reserve Fund shall be released to Borrower upon the occurrence of a Low DSCR Release Event and, in such event Borrower shall no longer be required to cause any amounts to be deposited into the Ground Rent Reserve Account unless a Low DSCR Trigger Event occurs with respect to any future calendar quarter.

• Provided no Event of Default has occurred and is continuing, any funds held in the Low DSCR Account delivered pursuant to Section 4.4(1) shall be released to Borrower upon the occurrence of a Low DSCR Release Event and, in such event Borrower shall no longer be required to cause any amounts to be deposited into the Low DSCR Account unless a Low DSCR Trigger Event occurs with respect to any future calendar quarter.

• Provided no Event of Default exists, any funds held in the Excess Cash Reserve Fund (after giving effect to any reductions thereof as permitted pursuant to Section 15.3(4) below) shall be released to Borrower upon the occurrence of a Low DSCR Release Event and, in such event Borrower shall no longer be required to cause the deposit of the subsequent Excess Cash into the Excess Cash Reserve Fund unless a Low DSCR Trigger Event occurs with respect to any future calendar quarter.

More Definitions of Low DSCR Trigger Event

Low DSCR Trigger Event means, at any time prior to the Maturity Date, that: (a) the Debt Service Coverage Ratio for any calendar quarter is less than (i) with respect to the period from the Closing Date through and including the first anniversary of the Closing Date, 1.35:1.00; and (ii) from the first day after the first anniversary of the Closing Date through and including the original Maturity Date, 1.25:1.00; or (b) in the event that Borrower exercises the option to extend the term of the Loan pursuant to Section 2.5 hereof, the Pro Forma Debt Service Coverage Ratio for any calendar quarter during the Extension Period is less than 1.45:1.00.

Low DSCR Trigger Event means the Debt Service Coverage Ratio as of the date of determination by Lender is equal to or less than the Required Debt Service Coverage Ratio for the previous calendar quarter.

Low DSCR Trigger Event set forth in Section 1.1(110) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: