Borrowing Base Debt Service Coverage Ratio Clause Samples
Borrowing Base Debt Service Coverage Ratio. Permit the Borrowing Base Debt Service Coverage Ratio for any Reference Period to be less than 2.00 to 1.00.
Borrowing Base Debt Service Coverage Ratio. The ratio of Adjusted Net Operating Income from the Mortgaged Properties determined as of the end of the fiscal quarter most recently ended, divided by the actual annual interest that was paid by Borrower under this Agreement for the preceding twelve (12) calendar months, provided that until the first anniversary of this Agreement interest paid by Borrower for the previous quarter or quarters shall be annualized. Breakage Costs. The cost to any Lender of re-employing funds bearing interest at LIBOR incurred (or reasonably expected to be incurred) in connection with (i) any payment of any portion of the Loans bearing interest at LIBOR prior to the termination of any applicable Interest Period, (ii) the conversion of a LIBOR Rate Loan to any other applicable interest rate on a date other than the last day of the relevant Interest Period, or (iii) the failure of the Borrower to draw down, on the first day of the applicable Interest Period, any amount as to which the Borrower has elected a LIBOR Rate Loan.
Borrowing Base Debt Service Coverage Ratio. Parent and Borrower shall not permit, as of the last day of any fiscal quarter commencing with the fiscal quarter ended December 31, 2004, the ratio of (i) Adjusted NOI for the Borrowing Base Properties as of such date for the twelve (12) month period ending on such date of determination, to (ii) Implied Debt Service, to be less than 1.60 to 1.0.
Borrowing Base Debt Service Coverage Ratio. The ratio of Adjusted Net Operating Income from the Mortgaged Properties determined for the preceding fiscal quarter divided by the Implied Debt Service.
Borrowing Base Debt Service Coverage Ratio. As of any date of determination, the ratio of (i) Borrowing Base Net Operating Income as determined on such date DIVIDED BY 4, to (ii) the Assumed Test Debt Service applicable to the quarter upon which the Borrowing Base Net Operating income was based. BORROWING BASE NET OPERATING INCOME. As of any date of determination, the Net Operating Income calculated with respect to the Real Estate Assets which are Borrowing Base Properties during the quarter upon which such Net Operating Income is based, PROVIDED that such Net Operating Income shall be adjusted on a PRO FORMA basis to account for Real Estate Assets that were acquired by the Borrower and added to the Borrowing Base during such quarter by projecting the results generated by any such Real Estate Asset for the portion of the applicable quarter during which the Borrower owned (or ground-leased) such Real Estate Asset over the entire applicable quarter. BORROWING BASE PROPERTY. As of any date of determination, an Unencumbered Asset owned by the Borrower that: (i) is a Permitted Property, (ii) is not the subject of a Disqualifying Structural Event, (iii) is not the subject of a Disqualifying Environmental Event, (iv) is not a Real Estate Asset Under Development, (v) is wholly-owned or ground-leased by the Borrower or is an Approved Condominium Property which is a Permitted Property, (vi) is not subject to a Non-Material Breach, and (vii) has been designated by the Borrower in writing to the Agent as a Real Estate Asset that is a Borrowing Base Property, PROVIDED that on such date of determination, the Unencumbered Assets that are Borrowing Base Properties shall have been 85% leased in the aggregate as of the date of such determination, and PROVIDED, FURTHER, that each request to include an Unencumbered Asset as a Borrowing Base Property shall be accompanied by a compliance certificate in the form of EXHIBIT C-5 attached hereto (the foregoing clauses (i) through (vii) and the succeeding PROVISOS being herein referred to collectively as the "Borrowing Base Conditions"). The Borrowing Base Properties that constitute the Borrowing Base on the Closing Date are set forth on SCHEDULE 3. BORROWING BASE VALUE. As of any date of determination, an amount equal to (i) the Borrowing Base Net Operating Income from the Borrowing Base Properties as determined on such date MINUS (ii) the amount by which the Annualized Borrowing Base Capital Expenditures applicable to the quarter upon which such Borrowing Base Net Operating...
Borrowing Base Debt Service Coverage Ratio. The ratio of Adjusted Net Operating Income from the Borrowing Base Assets, divided by the Debt Service Coverage Amount for the preceding twelve (12) calendar months, in each case, determined as of the end of the fiscal quarter most recently ended. Breakage Costs. The actual cost incurred (or reasonably expected to be incurred) by any Lender of re-employing funds bearing interest at LIBOR in connection with (a) any payment of any portion of the Loans bearing interest at LIBOR prior to the termination of any applicable Interest Period, (b) the conversion of a LIBOR Rate Loan to any other applicable interest rate on a date other than the last day of the relevant Interest Period, or (c) the failure of the Borrower to draw down, on the first day of the applicable Interest Period, any amount as to which the Borrower has elected a LIBOR Rate Loan.
Borrowing Base Debt Service Coverage Ratio. As of any date of ------------------------------------------ determination, the ratio of (i) Borrowing Base Net Operating Income as determined on such date divided by 4, to (ii) the Assumed Test Debt Service ------- -- applicable to the quarter upon which the Borrowing Base Net Operating income was based. Borrowing Base Net Operating Income. As of any date of determination, ----------------------------------- the Net Operating Income calculated with respect to the Real Estate Assets which are Borrowing Base Properties during the quarter upon which such Net Operating Income is based, provided that such Net Operating Income shall be adjusted on a -------- pro forma basis to account for Real Estate Assets that were acquired by the --- ----- Borrower and added to the Borrowing Base during such quarter by projecting the results generated by any such Real Estate Asset for the portion of the applicable quarter during which the Borrower owned (or ground-leased) such Real Estate Asset over the entire applicable quarter.
Borrowing Base Debt Service Coverage Ratio. Beginning with the quarter ending September 30, 2007 and continuing thereafter, the ratio of Adjusted Net Operating Income from the Mortgaged Properties determined for the preceding fiscal quarter divided by the Implied Debt Service.
Borrowing Base Debt Service Coverage Ratio. As of the end of ------------------------------------------ any fiscal quarter or any other date of measurement, the Borrowing Base Debt Service Coverage Ratio shall not be less than 1.40 to 1.0.
Borrowing Base Debt Service Coverage Ratio. Adjusted NOI: