Senior DSCR definition

Senior DSCR means 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.
Sample 1Sample 2
Senior DSCR means, as of any Determination Date the ratio of (i) the Aggregate Annualized Run Rate Net Cash Flow as of such date to (ii) the amount of interest (and, with respect to any Variable Funding Notes, any commitment fees, Letter of Credit Fees and administrative expenses payable to the holders of such Variable Funding Notes in respect thereof) that the Issuer will be required to pay over the succeeding twelve (12) Payment Dates on the aggregate principal balance of the Class A Notes and the Class B Notes (if any) Outstanding as of such Determination Date plus, without duplication, the sum of the annualized Indenture Trustee Fee, the annualized Verification Agent Fee and the annualized Servicing Fee; provided that as of any date during the Prefunding Period for a Series (if any), interest payable with respect to the Classes of Notes of that Series for which a portion of the net proceeds are reserved in a Prefunding Account shall be calculated net of the aggregate Yield Maintenance Amounts with respect to that Series for each Payment Date during such twelve (12) Payment Date period that occurs during such Prefunding Period. 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 Class A-1 Notes will be equal to the then-current base rate, SOFR rate or CP Rate, as applicable.
Sample 1
Senior DSCR means, as of any Quarterly Determination Date, beginning with the Payment Date occurring in April 2024, (a) the Securitized Net Cash Flow over the three (3) immediately preceding Collection Periods, divided by (b) the sum of (i) the aggregate interest accrued on the most senior Class of Notes (in alphabetical order) over such three (3) immediately preceding Payment Dates and any unpaid interest for such most senior Class of Notes (in alphabetical order) at the beginning of the Payment Date three (3) months prior to such Quarterly Determination Date, (ii) the aggregate Principal Distribution Amount for the most senior Class of Notes (in alphabetical order) over such three (3) immediately preceding Payment Dates, and (iii) any unpaid Principal Distribution Amounts for such most senior Class of Notes (in alphabetical order) at the beginning of the Payment Date three (3) months prior to such Quarterly Determination Date.
Sample 1

Examples of Senior DSCR in a sentence

  • ParentCo and the Issuer (jointly and not severally) (or, following the delivery of a Senior DSCR Enforcement Notice, the Cash Administrator) may revoke the appointment of the Account Bank by not less than thirty (30) days' notice to the Account Bank (with a copy to each Security Trustee and the Cash Administrator (or where such termination is effected by the Cash Administrator, to each Security Trustee, the Issuer and ParentCo)).

  • Additional sensitivities/scenarios: • Breakeven case scenarios (Senior DSCR or Global DSCR of 1.00x) for the following sensitivities: o Decrease in revenues; o Increase in operating costs; o Increase in routine maintenance costs; o Increase in life cycle maintenance costs; and • A sensitivity that reflects a cash-only view of the Financial Model that conforms to applicable general accepted accounting principles in the United States of America, consistently applied with no non-cash adjustments included.

  • Projected senior DSCR1.36 The Historic Senior DSCR and Projected Senior DSCR have been calculated as per the definition in the Common Terms Agreement.

  • The first issuance of the bond was on 5th March 2013, the proceeds of which were utilised to fund the repayment of the senior bank debt facilities held by each relevant AssetCo. For the Initial Test Date only, the Historic Senior DSCR calculation is replaced by the Initial Senior DSCR calculation.

  • Barhale plc appear qualified to undertake the Works • Rectifying the drainage system will help ensure that the security available to the Bondholders retains its value and remains fit for purpose • The Projected Senior DSCR for the current academic financial year is forecast to remain at a consistent level this year notwithstanding the cost of the Works.

  • An applicant that does not have a current federally-approved rate may request one through its cognizant federal agency, which will review all documentation and approve a rate for the applicant entity, or, if the applicant’s accounting system permits, applicants may propose to allocate costs in the direct cost categories.For assistance with identifying the appropriate cognizant federal agency for indirect costs, please contact the OCFO Customer Service Center at 1-800-458-0786 or at ask.ocfo@usdoj.gov.

  • Appraisal Date: September, 1998 Senior Cut-Off Date LTV (3): 61.2% Combined Cut-Off Date LTV (3): 78.2% Senior DSCR (4)(5): 1.39x (1) October 1, 1998 (after giving effect to the payment due October 1, 1998).

  • Projected senior DSCR1.32 The Historic Senior DSCR and Projected Senior DSCR have been calculated as per the definition in the Common Terms Agreement.

  • As per the Senior Facility Agreement, the following covenants will apply: Feb 2017Feb 2018Feb 2019Feb 2020Minimum RevenueR140mR320mR360mR380m - Minimum Senior Cumulative DSCR of 1.2x in FY Feb 2017 onwards.- Minimum Senior DSCR of 1.4x in FY Feb 2017 onwards.- Maximum Senior Debt to EBITDA ratio of 2.5x in FY Feb 2018 and 2.0x thereafter.- Minimum Senior Interest Cover ratio of 3.0x in FY Feb 2017 onwards.

  • Debt service coverage ratios (DSCR) are computed by dividing Net Revenue Available for Debt Service (net of combined Senior Operating and Program Expenses) for the period, by the Senior and Combined Debt Service Requirements for Senior DSCR and Combined DSCR, respectively, for the period.


More Definitions of Senior DSCR

Senior DSCR means, as of any Determination Date, the ratio of (i) the Aggregate Annualized Run Rate Revenue as of such date to (ii) the amount of interest (and, with respect to any Variable Funding Notes, any commitment fees, Letter of Credit Fees and administrative expenses payable to the Holders of such Variable Funding Notes in respect thereof) that the Issuer will be required to pay over the succeeding twelve (12) Payment Dates on the aggregate principal balance of the Class A Notes and Class B Notes Outstanding as of such Determination Date plus, without duplication, the annualized Indenture Trustee Fee, Back-Up Manager Fee, [***] and Servicing Fees; provided as of any date during the Prefunding Period for a Series (if any), interest payable with respect to the Classes of Notes of that Series for which a portion of the net proceeds are reserved in a Prefunding Account shall be calculated net of amounts in the Yield Maintenance Reserve Account with respect to that Series for each Payment Date during such Prefunding Period. 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.
Sample 1

Related to Senior DSCR

  • Senior Debt means the principal of, premium, if any, interest (including all interest accruing subsequent to the commencement of any bankruptcy or similar proceeding, whether or not a claim for post-petition interest is allowable as a claim in any such proceeding) and rent payable on or in connection with, and all fees, costs, expenses and other amounts accrued or due on or in connection with, Indebtedness of the Company, whether outstanding on the date of this Indenture or thereafter created, incurred, assumed, guaranteed or in effect guaranteed by the Company (including all deferrals, renewals, extensions or refundings of, or amendments, modifications or supplements to, the foregoing), unless in the case of any particular Indebtedness the instrument creating or evidencing the same or the assumption or guarantee thereof expressly provides that such Indebtedness shall not be senior in right of payment to the Securities or expressly provides that such Indebtedness is “pari passu” or “ junior” to the Securities. Notwithstanding the foregoing, the term Senior Debt shall not include any Indebtedness of the Company to any Subsidiary of the Company. If any payment made to any holder of any Senior Debt or its Representative with respect to such Senior Debt is rescinded or must otherwise be returned by such holder or Representative upon the insolvency, bankruptcy or reorganization of the Company or otherwise, the reinstated Indebtedness of the Company arising as a result of such rescission or return shall constitute Senior Debt effective as of the date of such rescission or return.

  • Junior Debt means any Indebtedness of the types described in clauses (i) and (ii) of the definition of “Indebtedness” (other than Indebtedness among the Borrower and/or its Restricted Subsidiaries) of the Borrower or any of its Restricted Subsidiaries that is contractually subordinated in right of payment to the Obligations, in each case, with an individual outstanding principal amount in excess of the Threshold Amount. For the avoidance of doubt, each Asset Financing Facility and CRE Financing shall not constitute Junior Debt.

  • Senior means a person seventy years old or older.