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.
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.
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.
Examples of Senior DSCR in a sentence
If the appointment of the Account Bank is terminated in accordance with this sub-clause 10.3, ParentCo and the Issuer (or, following the delivery of a Senior DSCR Enforcement Notice, the Cash Administrator) shall forthwith appoint a substitute Account Bank in accordance with clause 10.4 (Substitute Account Bank).
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)).
The Back-Up Manager shall review, recalculate and confirm certain calculations contained in (i) the Manager Report including, interest due and payable on the Payment Date, DSCR, Senior DSCR and the Leverage Ratio and (ii) officer’s certificates, including (a) draws on any Outstanding Variable Funding Notes, (b) releases of funds from any Prefunding Account and (c) dispositions of Network Assets.
The Account Bank shall be supplied with a list of names of Directors, the Secretary and other officers of [▇▇▇▇▇▇▇▇/Issuer] and the Account Bank shall be authorised to act on any information given by a Director or the Secretary of [ParentCo/Issuer] as to any changes to such list prior to notification of the delivery of a Senior DSCR Enforcement Notice, Issuer Enforcement Notice or an AssetCo Enforcement Notice.
The Account Bank shall be supplied with a list of names of Directors, the Secretary and other officers of [ParentCo/Issuer] and the Account Bank shall be authorised to act on any information given by a Director or the Secretary of [ParentCo/Issuer] as to any changes to such list prior to notification of the delivery of a Senior DSCR Enforcement Notice, Issuer Enforcement Notice or an AssetCo Enforcement Notice.
More Definitions of Senior DSCR
Senior DSCR means, as of any Quarterly Determination Date, beginning with the Payment Date occurring in August 2024, an amount equal to (a) the Securitized Net Cash Flow over the three (3) immediately preceding Collection Periods less the aggregate Senior Transaction Fees, 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) without duplication, 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.
Senior DSCR means, as of any Determination Date is the ratio of (a) the Aggregate Annualized Net Operating Income as of such date to (b) the sum of (i) the amount of interest 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 Outstanding as of such Determination Date plus (ii) with respect to any Class A-1 Notes, the Manager’s good faith estimate of any commitment fees, Letter of Credit Fees and administrative expenses that the Issuer will be required to pay over the succeeding twelve (12) Payment Dates plus (iii) without duplication, the annualized Indenture Trustee Fee, Verification Agent Fee, Back-Up Manager Fees and Servicing Fees; 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 will 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 Class A-1 Notes will be equal to the then-current base rate, SOFR rate or CP Rate, as applicable.
Senior DSCR means, as of any date of determination beginning with the date of determination in October 2026, the ratio of (i)(a) the TTM Adjusted Net Operating Income as of such date of determination less (b) the portion of TTM Adjusted Net Operating Income associated with Excess Concentration Amounts less (c) the amount of Indenture Trustee Fees, Management Fees, Servicing Fees and Special Servicing Fees payable during the twelve immediately preceding Payment Dates to (ii) the sum of the amount of interest and the Targeted Amortization Amounts payable by the Issuer on the immediately preceding twelve (12) Payment Dates on the aggregate principal balance of the Term Notes constituting Class A Notes that are Outstanding on the Payment Date immediately following such date of determination. The calculation of the Senior DSCR shall include Additional Parking Facilities, Additional Obligor Parking Facilities and Additional Notes beginning with the first date of determination after the Closing Date of the acquisition of such Additional Parking Facilities or issuance of such Additional Notes. During the period which the Additional Parking Facilities have been owned by the Issuer for fewer than twelve (12) Collection Periods or the Additional Notes have been outstanding for fewer than twelve (12) Collection Periods, such calculation will include the Additional Parking Facilities, Additional Obligor Parking Facilities and Additional Notes from the related Closing Date as applicable.
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.