Examples of Net Income Available for Debt Service in a sentence
Net Income Available for Debt Service for any period means net income (or the net deficit, if expenses and charges exceed revenues and other proper income credits) for such period, plus amounts that have been deducted for (1) depreciation, (2) amortization and (3) Interest Expense in determining net income for such period.
Borrower shall pay to Lender the travel expenses and reasonable out-of-pocket costs incurred by Lender in performing any single audit in any calendar year if any audit performed by, or on behalf of, the Lender discloses that Borrower's statement of Gross Revenues, Net Cash Flow, Inn Income, Inn Operating Expenses or Net Income Available for Debt Service is misstated or otherwise incorrect by greater than 5% of Borrower's reported amount.
The Corporation shall fix, charge and collect, or cause to be fixed, charged and collected, subject to applicable requirements or restrictions imposed by law, such rates, fees and charges which, together with all other receipts and revenues of the Corporation and any other funds available therefor, are reasonably projected to be sufficient in each Fiscal Year to produce Net Income Available for Debt Service equal to at least 1.25 times Maximum Aggregate Annual Debt Service for such Fiscal Year.
Not permit its ratio of Net Income Available for Debt Service for any four consecutive fiscal quarters to (i) Interest Expense and Operating Lease Payments for such period plus (ii) Principal Maturities for the next succeeding four fiscal quarters following the date of determination plus (iii) 20% of the outstanding Obligations as of the date of determination to be less than 2.0 to 1.0 at any time.
Not permit its ratio of Net Income Available for Debt Service for any four consecutive fiscal quarters to (i) Interest Expense and Operating Lease Payments for such period plus (ii) Principal Maturities for the next succeeding four fiscal quarters following the date of determination plus (iii) 20% of the outstanding Obligations as of the date of determination to be less than 1.3 to 1.0 at any time.