Qualifying Debt Service definition

Qualifying Debt Service means: -----------------------

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Qualifying Debt Service means, for all Accounting Periods to ----------------------- date in each Fiscal Year, (i) the Stipulated Debt Service, (ii) interest and principal actually paid or accrued on all Qualified Debt (other than the Permanent Loan and all refinancings thereof in an amount up to the original principal amount thereof), plus (iii) all fees related thereto and all penalties attributable to acts or omissions of Management Company. In no event, however, shall "Qualifying Debt Service" include, with respect to any indebtedness: (i) any balloon payments; or (ii) voluntary prepayments on the Permanent Loan; or (iii) any repayments of the portion of the principal and interest of any indebtedness which is incurred for the purpose of distributing the same to the Partners of Owner. The term "balloon payments," as used in this Agreement, shall mean any repayments or prepayments (whether voluntary or involuntary) of principal in any given Fiscal Year (regardless of whether the borrower is permitted or obligated to make the same) to the extent that any such repayments or prepayments exceed the principal amount, if any, that would have been payable during such Fiscal Year pursuant to the terms of such indebtedness.

Qualifying Debt Service means Qualifying Mortgage Debt Service ----------------------- and Other Qualifying Debt Service.

Examples of Qualifying Debt Service in a sentence

First, Owner shall retain any Operating Profit (to the extent of Operating Profit in that Fiscal Year) in amounts sufficient to pay the Ground Rent payable after giving effect to Section 4.02(d) of the Ground Leases, the Qualifying Debt Service and Administrative Expenses for such Fiscal Year (which shall be prorated among the Accounting Periods within any given Fiscal Year).
Manager hereby agrees that any money to be ------------------ paid by Borrower to Manager pursuant to the terms of Section 7.03 of the Management Agreement shall only be paid to Manager after Owner's payment of the monthly Qualifying Debt Service (including all monthly escrow deposits required under the Loan Agreement).
The Base Management Fee and Primary Courtyard Fee shall, for all Fiscal Years, be paid out of Gross Revenues as Deductions before payment of Qualifying Debt Service or any items listed in Section 5.02.
Manager shall be entitled to receive such payment or reimbursement only to the extent the funds to be remitted by Manager to Owner since the last payment date under the Loan Agreement (or other applicable Qualified Debt) are sufficient to pay the next scheduled payment of Qualifying Debt Service.
Fourth, Owner shall retain any remaining Operating Profit in amounts sufficient to pay any remaining Other Qualifying Debt Service for such Fiscal Year (which shall be prorated among the Accounting Periods within any given Fiscal Year).
First, Lessee shall retain any Operating Profit until Lessee has received (to the extent of Operating Profit in that Fiscal Year) the Qualifying Debt Service (which shall be prorated among the Accounting Periods within any given Fiscal Year).
Notwithstanding anything contained in this Agreement to the contrary and at all times and in all circumstances during the term of the Loan, the Manager hereby acknowledges and agrees that the payment to Manager of any Incentive Management Fees and Building Estimates (as defined in the Management Agreement) shall be subordinate to the payment to the Lender of the Qualifying Debt Service.

More Definitions of Qualifying Debt Service

Qualifying Debt Service means, without duplication, for each Fiscal Year: -----------------------

Qualifying Debt Service have the meanings given them in the Management Agreement.

Qualifying Debt Service is amended by inserting the following at the end thereof: Upon the Termination of this Agreement with respect to a given Inn or Inns (whether in connection with a Sale of the Inn or Inns, or pursuant to other applicable provisions of this Agreement), Qualifying Debt Service shall be reduced by interest and principal on any (or any portion of any) Additional Inn Investment Loans attributable to such Inn or Inns.