Senior Debt Service Coverage Ratio definition

Senior Debt Service Coverage Ratio means, for any Calculation Period, the ratio of Pledged Revenues for such Calculation Period to Senior Debt Service for such Calculation Period.

Senior Debt Service Coverage Ratio means, with respect to the Company, at any date of determination, the ratio of Operating Cash Flow during the Testing Period to Senior Debt Service for the Testing Period.

Senior Debt Service Coverage Ratio means, with respect to the specified period of reference, the ratio of (i) the gross cash flow of Borrower for the most recently completed Measurement Period less the sum of all expenses and required reserve deposits for such Measurement Period to (ii) the principal and interest payments made in connection with the Obligations for the most recently completed Measurement Period. ​

Examples of Senior Debt Service Coverage Ratio in a sentence

• A District may make adjustments from time to time in such rates and charges and may make such classification thereof as it deems necessary, but shall not reduce the rates and charges then in effect unless its Revenues and Senior Debt Service Coverage Ratio from such reduced rates and charges will at all times be sufficient to meet the requirements of this Section.

• The Borrower shall, subject to the remainder of this paragraph, fix, charge and collect rates and charges such that Pledged Revenues in any year shall be projected to produce (i) a Senior Debt Service Coverage Ratio at least equal to 1.40 in such year and (ii) a Total Debt Service Coverage Ratio at least equal to 1.30 in such year (the “Rate Covenant”).

• The Borrower shall be credited with amounts available in the Ramp Up Reserve Account but not released from the Ramp Up Reserve Account solely to the extent necessary to comply with the Senior Debt Service Coverage Ratio and the Total Debt Service Coverage Ratio requirements of the Rate Coverage Test until such time as the Borrower is permitted to release all funds from the Ramp Up Reserve Account pursuant to Section 16(k)(ii) (Project Accounts; Permitted Investments).

• If, after the occurrence of a WIFIA Reserve Event, the City delivers to the WIFIA Credit Provider, for three (3) consecutive City Fiscal Years, an Updated Financial Model which demonstrates that the Senior Debt Service Coverage Ratio for the immediately preceding City Fiscal Year was not less than 1.30 to 1.00, the City may, upon written notice to the WIFIA Credit Provider at least ten (10) Business Days in advance, release any balance in the WIFIA Reserve Account to be applied to any Water System purpose.

More Definitions of Senior Debt Service Coverage Ratio

Senior Debt Service Coverage Ratio means, for any period and without duplication, the ratio of (a) (i) the sum of (A) all Revenues for such period and (B) the amount of interest and other income earned and credited on monies deposited in the Accounts (to the extent retained in such Accounts) for such period minus (ii) the sum of (A) Operation and Maintenance Costs for such period (except for such costs paid with monies on deposit in the Maintenance Reserve Account and the Mill Owner Maintenance Reserve Account) and (B) the aggregate of the amounts deposited into the Maintenance Reserve Account for such period (but for purposes of calculating any projected Senior Debt Service Coverage Ratio, not less than the Maintenance Reserve Account Required Deposit for such period) and the Mill Owner Maintenance Reserve Account for such period to (b) the sum of (i) all amounts payable by the Company during such period in respect of principal of and premium, if any, and interest on the Outstanding Indenture Securities, (ii) all amounts payable by the Company during such period in respect of rent under the IDB Lease Agreement, (iii) all amounts payable by the Company during such period in respect of payment obligations under the Working Capital Facility (other than repayment of principal), (iv) all amounts payable by the Company during such period as fees and other expenses (including any interest thereon) to any fiduciary acting in such capacity under the Security Documents and (v) the aggregate amount of overdue payments in respect of clauses (b)(i) through (iv) above from previous periods, in each case determined on a cash basis in accordance with GAAP. Neither payments (including deemed payments) nor receipts (including deemed receipts) in respect of principal of or premium, if any, or interest on the 1994 Bonds shall be included for purposes of calculating the Senior Debt Service Coverage Ratio.

Senior Debt Service Coverage Ratio means the result of Free Cash Flow in any period of calculation divided by Senior Debt Service for such period of calculation.

Senior Debt Service Coverage Ratio or “Senior DSCR” shall mean the DSCR as calculated excluding clause (ii)(c) of the definition thereof. For the purposes of calculating the Senior DSCR, it is assumed that the base rate, SOFR rate or CP Rate for the related Interest Accrual Periods with respect to any Series of Variable Funding Notes will be equal to the then-current base rate, SOFR rate or CP Rate, as applicable, as determined in accordance with the related Variable Funding Note Purchase Agreement.

Senior Debt Service Coverage Ratio means, for each City Fiscal Year, the ratio of:

Senior Debt Service Coverage Ratio means for any period, the ratio of (i) Cash Available for Debt Service for such period to (ii) the amount of Senior Debt Service due and payable for such period.

Senior Debt Service Coverage Ratio means, for any Calculation Period, the ratio of Net Revenue for such Calculation Period to Annual Debt Service in respect of all Senior Lien Obligations for such Calculation Period.

Senior Debt Service Coverage Ratio means, for any Calculation Period, the ratio of Pledged Revenues for such Calculation Period to Senior Debt Service for such Calculation Period. ―Senior Lender‖ means collectively the financial institution or institutions or Governmental Authority (or any agent or trustee acting on behalf of any of the foregoing) providing any Senior Loan under the Master Trust Indenture, which as of the Effective Date hereof there is none, and any Senior Lender thereafter is subject to written approval of the TIFIA Lender. ―Senior Loan Agreement‖ means the Master Trust Indenture and any other loan agreement or similar document entered into by the Borrower in connection with the incurrence of additional Senior Obligations incurred in addition to, in replacement of, in substitution for, or in connection with a refinancing of the indebtedness incurred pursuant to the Initial Senior Loan Agreement or any subsequent Senior Loan Agreement. ―Senior Obligations‖ means any borrowings or indebtedness permitted, including Senior Bond Payment Obligations (as defined in the Master Trust Indenture), or not prohibited, under Section 15(b) of this Agreement and under the Master Trust Indenture. ―Servicer‖ means such entity or entities as the TIFIA Lender shall designate from time-to-time to perform, or assist the TIFIA Lender in performing, certain duties hereunder. ―State‖ means the State of Colorado. ―State and Federal Funding Agreements‖ means the RTD Funding Agreement, the CBE Funding Commitment, the XXXXX Xxxxx Agreements, and the CDOT - HPTE IGA. ―Stewardship Agreement‖ means the CDOT Federal-Aid Highway Program Stewardship Agreement developed in partnership with the FHWA Colorado Division Office, attached as Exhibit F and incorporated herein. ―Subordinated Hedging Termination Obligations‖ means Hedging Termination Obligations under the Hedging Agreements other than those arising as a result of a Permitted Hedging Termination or as a result of a tax or illegality event or upon failure of the Borrower to pay any Hedging Obligations when due.