TIFIA Loan Life Coverage Ratio definition

TIFIA Loan Life Coverage Ratio means, as of each applicable Calculation Date, the ratio of (a) the sum (without duplication) of: (i) the present value of (A) all projected future Net Cash Flow available after payment of all projected future Debt Service of the Borrower (including by cash sweep if applicable to pay Senior Xxxx Xxxxx, and any Credit Facility or Hedge Agreement relating to Senior Xxxx Xxxxx before the TIFIA Bonds but, for the avoidance of doubt, excluding TIFIA mandatory and Scheduled Debt Service) from such Calculation Date looking forward to the Final Maturity Date, as defined in the TIFIA Loan Agreement, for the TIFIA Loan, minus (B) the amount of federal or state income tax payable by the Borrower during such period, with both (A) and (B) discounted at the TIFIA interest rate, using updated Base Case Projections, as defined in the TIFIA Loan Agreement, adjusted to take into account actual results and updated Revenue and traffic projections (which projections shall be determined in accordance with the Calculations and Forecasting Agreement), and with the Base Case Projections updated to make allowance for Debt Service in connection with Additional Senior Loans, plus (ii) any balances credited to the TIFIA Sinking Fund as of such Calculation Date (or, in the case of any future Calculation Date, projected to be credited as of such date), to (b) the Outstanding TIFIA Loan Balance, as defined in the TIFIA Loan Agreement, plus accrued interest on such Calculation Date (or, in the case of any future Calculation Date, projected to be outstanding as of such date).
Sample 1
TIFIA Loan Life Coverage Ratio means, as of each applicable Semi-Annual Payment Date, the ratio of (a) the present value of all projected Net Cash Flow for each Semi-Annual Payment Date from and including such Semi-Annual Payment Date to the Final Maturity Date in each case discounted at the Weighted Average Interest Cost, using the most recently updated Base Case Financial Model, adjusted to take into account (i) actual results and updated revenue and traffic projections and (ii) additional projected Net Cash Flow and Senior Debt Service in connection with Additional Senior Obligations; to (b) the aggregate outstanding principal amount of all Senior Obligations and the TIFIA Loan on such Semi-Annual Payment Date.
Sample 1
TIFIA Loan Life Coverage Ratio means, as of each applicable Semi-Annual Payment Date, the ratio of (a) the present value of all projected Net Cash Flow for each Semi-Annual Payment Date from and including such Semi-Annual Payment Date to the Final Maturity Date in each case discounted at the Weighted Average Interest Cost, using the most recently updated Base Case Financial Model, adjusted to take into account (i) actual results and updated revenue and traffic projections and (ii) additional projected Net Cash Flow and Senior Debt Service in connection with Additional Senior Obligations; to
Sample 1

Examples of TIFIA Loan Life Coverage Ratio in a sentence

  • TIFIA SINKING FUND If the Loan Life Coverage Ratio as of any Calculation Date is less than [1.35x], the Borrower shall, cause to be transferred from the Distribution Lock-Up Account to the TIFIA Sinking Fund Account, an amount that is equal to the lesser of (1) the amount that is estimated to be necessary to increase the TIFIA Loan Life Coverage Ratio as of each Calculation Date to not less than [1.35x] or (2) 100% of all funds on deposit in the Distribution Lock-Up Account as of such Calculation Date.

  • If, the TIFIA Loan Life Coverage Ratio is less than [1.35x] as of two consecutive Calculation Dates, monies on deposit in the TIFIA Sinking Fund shall be used for prepayment of the TIFIA Loan in an amount that is estimated to be necessary to increase such TIFIA Loan Life Coverage Ratio to [1.35x].

  • On each Calculation Date occurring thereafter until (and excluding) the first Calculation Date as of which the TIFIA Loan Life Coverage Ratio for all subsequent Calculation Dates is 1.30 or greater, the Concessionaire shall continue to make additional TIFIA Sinking Fund Deposits.


More Definitions of TIFIA Loan Life Coverage Ratio

TIFIA Loan Life Coverage Ratio means, as of each applicable Calculation Date, the ratio of (a) the present value of all projected Net Cash Flow for each Calculation Date from and including such Calculation Date to the Final Maturity Date, in each case discounted at the Weighted Average Interest Cost, using the most recent Revised Financial Model (or in the Base Case Financial Model to the extent that no Revised Financial Model has been approved by the TIFIA Lender), adjusted to take into account (i) actual results and updated revenue and traffic projections and (ii) additional projected Net Cash Flow and Senior Debt Service in connection with Additional Senior Obligations; to (b) the aggregate outstanding principal amount of all Senior Obligations and the Outstanding TIFIA Loan Balance on such Calculation Date.61
Sample 1

Related to TIFIA Loan Life Coverage Ratio

  • Cash Flow Coverage Ratio means, for any period, the ratio of (i) Adjusted Parent Operating Cash Flow for such period to (ii) Corporate Charges for such period.

  • Debt Service Coverage Ratio means a ratio for the applicable period in which:

  • Interest Coverage Ratio means, for any period, the ratio of (a) EBITDA for such period to (b) Interest Expense for such period.

  • Collateral Coverage Ratio means (i) the aggregate value of any relevant collateral security, including the pro rata value of any shared collateral, divided by (ii) the outstanding aggregate principal amount of the relevant debt.

  • Debt Coverage Ratio or “DCR” means the ratio of a Project’s net operating income (rental income less Operating Expenses and reserve payments) to foreclosable, currently amortizing debt service obligations.

  • Asset Coverage Ratio means the ratio, determined on a consolidated basis, without duplication, in accordance with GAAP, of (a) the value of total assets of the Borrower and its Subsidiaries, less all liabilities and indebtedness not represented by Senior Securities, to (b) the aggregate amount of Senior Securities representing indebtedness in each case, of the Borrower and its Subsidiaries (all as determined pursuant to the Investment Company Act in effect on the Effective Date and any orders, declarations, opinions, relief or letters issued by the SEC or any other government or regulatory authority). The calculation of the Asset Coverage Ratio shall be made in accordance with any exemptive order issued by the SEC under Section 6(c) of the Investment Company Act relating to the exclusion of any Indebtedness of any SBIC Subsidiary from the definition of Senior Securities only so long as (a) such order is in effect, and (b) no obligations have become due and owing pursuant to the terms of any Permitted SBIC Guarantee to which the Borrower or any other Obligor is a party. The outstanding utilized notional amount of any total return swap and the notional amount of any Credit Default Swap where an Obligor is a protection seller, in each case less the value of the margin posted by the Borrower or any of its Subsidiaries thereunder at such time shall be treated as a Senior Security of the Borrower for the purposes of calculating the Asset Coverage Ratio with respect to the Borrower.

  • Consolidated Debt Service Coverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) Consolidated EBITDA for the most recently completed four fiscal quarters minus (ii) income taxes payable for such period minus (iii) Consolidated Capital Expenditures for such period to (b) the sum of (i) Consolidated Interest Charges for such period plus (ii) Consolidated Scheduled Funded Debt Payments for such period.

  • Fixed Charge Coverage Ratio means, with respect to any Person for any fiscal period, the ratio of (i) the sum of (x) EBITDA for such period less (y) cash taxes made during such period to (ii) Fixed Charges for such period.

  • Combined Loan-to-Value Ratio or CLTV As of any date and as to any Second-Lien Mortgage Loan, the ratio (expressed as a percentage) of the (a) sum of (i) the outstanding principal balance of the Second-Lien Mortgage Loan and (ii) the outstanding principal balance as of such date of any mortgage loan or mortgage loans that are senior or equal in priority to the Second-Lien Mortgage Loan and which are secured by the same Mortgaged Property to (b)

  • Consolidated Fixed Charge Coverage Ratio means, with respect to any Person, the ratio of Consolidated EBITDA of such Person during the four full fiscal quarters (the “Four-Quarter Period”) ending prior to the date of the transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio for which internal financial statements are available (the “Transaction Date”) to Consolidated Fixed Charges of such Person for the Four-Quarter Period. In addition to, and without limitation of, the foregoing, for purposes of this definition, “Consolidated EBITDA” and “Consolidated Fixed Charges” shall be calculated after giving effect on a pro forma basis for the period of such calculation to (i) the incurrence or repayment of any Indebtedness or the issuance of any Designated Preferred Stock of such Person or any of its Restricted Subsidiaries (and the application of the proceeds thereof) giving rise to the need to make such calculation and any incurrence or repayment of other Indebtedness or the issuance or redemption of other Preferred Stock (and the application of the proceeds thereof), other than the incurrence or repayment of Indebtedness in the ordinary course of business for working capital purposes pursuant to revolving credit facilities, occurring during the Four-Quarter Period or at any time subsequent to the last day of the Four-Quarter Period and on or prior to the Transaction Date, as if such incurrence or repayment or issuance or redemption, as the case may be (and the application of the proceeds thereof), had occurred on the first day of the Four-Quarter Period; and (ii) any Asset Sales or other dispositions or Asset Acquisitions (including any Asset Acquisition giving rise to the need to make such calculation as a result of such Person or one of its Restricted Subsidiaries (including any Person who becomes a Restricted Subsidiary as a result of the Asset Acquisition) incurring, assuming or otherwise being liable for Acquired Indebtedness and also including any Consolidated EBITDA attributable to the assets which are the subject of the Asset Acquisition or Asset Sale or other disposition and without regard to clause (vi) of the definition of Consolidated Net Income), investments, mergers, consolidations and disposed operations (as determined in accordance with GAAP) occurring during the Four-Quarter Period or at any time subsequent to the last day of the Four-Quarter Period and on or prior to the Transaction Date, as if such Asset Sale or other disposition or Asset Acquisition (including the incurrence or assumption of any such Acquired Indebtedness), investment, merger, consolidation or disposed operation, occurred on the first day of the Four-Quarter Period. If such Person or any of its Restricted Subsidiaries directly or indirectly guarantees Indebtedness of a third Person, the preceding sentence shall give effect to the incurrence of such guaranteed Indebtedness as if such Person or any Restricted Subsidiary of such Person had directly incurred or otherwise assumed such other Indebtedness that was so guaranteed.

  • Coverage Ratio As to any one or more of the Combined Leased Properties, the ratio of the EBITDARM generated by such Combined Leased Property(ies) to Base Rent allocable thereto under the applicable Combined Leases, in each case for the four (4) full calendar quarters ending not less than sixty (60) days prior to the occurrence of a Section 16.10.3.1

  • Interest Expense Coverage Ratio means, for any period, the ratio of (a) Consolidated EBITDA for such period to (b) Consolidated Interest Expense for such period.

  • Consolidated Coverage Ratio means as of any date of determination, with respect to any Person, the ratio of (x) the aggregate amount of Consolidated EBITDA of such Person for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which financial statements are in existence to (y) Consolidated Interest Expense for such four fiscal quarters, provided, however, that:

  • Consolidated Interest Coverage Ratio means, as of any date of determination, the ratio of (a) Consolidated EBITDA for the period of the four prior fiscal quarters ending on such date to (b) Consolidated Interest Charges for such period.

  • Consolidated Asset Coverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Assets to (b) the sum of the aggregate amount of Revolving Borrowings and Term Loans then outstanding.

  • Loan-to-Value Ratio or LTV With respect to any Mortgage Loan, the ratio of the Stated Principal Balance of the Mortgage Loan as of the related Cut-off Date (unless otherwise indicated) to the lesser of (a) the Appraised Value of the Mortgaged Property and (b) if the Mortgage Loan was made to finance the acquisition of the related Mortgaged Property, the purchase price of the Mortgaged Property, expressed as a percentage.

  • Cash Flow Leverage Ratio means, as of any time the same is to be determined, the ratio of (a) Funded Debt as of the last day of the most recent four fiscal quarters of the Company then ended minus Excess Cash as of the last day of the same such period to (b) EBITDA for the same most recent four fiscal quarters then ended.

  • Leverage Ratio means, as of any date, the ratio of (i) Consolidated Total Debt as of such date to (ii) Consolidated EBITDA for the four consecutive Fiscal Quarters ending on or immediately prior to such date.

  • Cash Interest Coverage Ratio With respect to any Loan for any Relevant Test Period, either (a) the meaning of “Cash Interest Coverage Ratio” or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of “Cash Interest Coverage Ratio” or comparable definition, the ratio of (i) EBITDA to (ii) Cash Interest Expense of such Obligor with respect to the applicable Relevant Test Period, as calculated by the Borrower and Collateral Manager in good faith.

  • Consolidated First Lien Leverage Ratio means, as of the date of determination, the ratio of (a) Consolidated Indebtedness as of such date that is secured by first-priority Liens on the Collateral to (b) EBITDA for the most recently ended Test Period, in each case of the Borrower and its Restricted Subsidiaries on a consolidated basis.

  • Effective Leverage Ratio has the meaning set forth in the Statement.

  • Consolidated Senior Leverage Ratio means, for any date of determination (i) Consolidated Funded Indebtedness on such date of determination (excluding the Unsecured Note Indebtedness) to (ii) Consolidated Adjusted EBITDA for the applicable period of four consecutive fiscal quarters.

  • Current Loan-to-Value Ratio The Principal Balance of a Mortgage Loan as of the applicable date of substitution divided by the Appraised Value.

  • Consolidated First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

  • Total Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated Total Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

  • Senior Leverage Ratio means the ratio of (a) Consolidated Senior Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.