Additional Financial Covenant. Commencing with the TTM Period (defined below) ending December 31, 2011, and continuing until all Obligations under the Loan Documents are fully paid and performed, in addition to and not in limitation of, any financial covenants in the Current Loan Documents:
(i) FCCR (Consolidated). As measured for Borrower, the TRS Lessee and the Affiliates of Borrower listed on Exhibit B hereto (collectively, the “Designated Parties”) with respect to the operations of each of the hotel properties listed on Exhibit B (collectively, the “Designated Properties”) on the last day of each of Borrower’s fiscal quarters (or other period) listed in the chart below in this Section 4(g)(i) (each, a “Testing Date”), the Designated Parties must have a Combined FCCR equal to or greater than the ratio set forth in the chart below in this Section 4(g)(i). “Combined FCCR” means, with respect to the 12-month period of time (each, the “TTM Period”) immediately preceding each Testing Date, the ratio calculated for such period of time, each as determined in accordance with GAAP and calculated according to the Uniform System of Accounts for Hotels, of (i) the sum of the following for the Designated Properties: net income, interest expense, income taxes, depreciation, amortization, management fees, replacement reserves, and Operating Lease Expenses, minus 4% of total room revenues as an assumed reserve for replacement (or actual reserve for replacement if greater) and 3% of total room revenues as an assumed management fee (or actual management fee if greater), plus or minus other non-cash adjustments or non-recurring items (as allowed by Lender), to (ii) the sum of the following for the Designated Properties: Operating Lease Expenses, principal payments of long term debt, current portion of all Capital Leases, and interest expense for the TTM Period (excluding non-cash interest expense, amortization of non-cash financing expenses, and principal and interest payments on Loans that have been paid off in full; provided that if a loan designated on Exhibit B (each, a “Designated Loan”) has been partially paid off or refinanced, then an estimate of 12 months of principal and interest payments for the remaining unpaid portion, as determined by Lender in accordance with the applicable documents and instruments for the Designated Loan, shall be included in the computation of principal and interest payments for the purpose of determining the Combined FCCR. If a Designated Property is released by Lend...
Additional Financial Covenant. For avoidance of doubt, the Debt Service Coverage Ratio covenant set forth in Section 4(c) of the Prior Modification Agreement will continue to be applicable. In addition, the “FCCR (Consolidated)” test set forth in Section 4(i) of the Prior Modification Agreement is hereby amended and replaced by the following:
Additional Financial Covenant. Section 7.09 of the Credit Agreement is amended to add a new clause (e) thereto which shall read in full as follows:
Additional Financial Covenant. 100% of proceeds from any disposition(s) of the Borrower and / or any of its Subsidiaries, equal to or greater than $2,500,000, will be immediately applied to pay down the Borrowings outstanding under this Agreement.
Additional Financial Covenant. The Borrower agrees that the Borrower's Cash Balance as at the last day of each fiscal quarter specified below shall not be less than the amount set forth opposite such quarter: FISCAL QUARTER ENDING AMOUNT --------------------- ------ March 31, 2003 $ 5,700,000 June 30, 2003 $11,300,000
Additional Financial Covenant. The following covenant shall be added to and become a part of the Loan Agreement: UNRESTRICTED CASH REQUIREMENT. Until such time as Borrower reports one full quarter of net profitability, calculated on a GAAP basis, Borrower shall maintain Unrestricted Cash equal to two times (2X) the outstanding principal balance of the Equipment Loan, to be measured on a quarterly basis.
Additional Financial Covenant. The Adjusted Fixed Charge Coverage Ratio is added as an additional financial covenant to the Agreement. Therefore, the following Subsection (E) is added to Section 5.4 of the Agreement:
Additional Financial Covenant. Commencing with the TTM Period (defined below) ending July 31, 2011 and continuing until all Obligations under the Loan Documents are fully paid and performed, in addition to and not in limitation of, any financial covenants in the Current Loan Documents:
Additional Financial Covenant. Article X of the Credit Agreement shall be amended to add the following Section 10.4 to the end thereof:
Additional Financial Covenant. Prior to the expiration of the Fixed Term, permit the ratio of its current assets, excluding any encumbered (other than in favor of Landlord) and legally restricted current assets, to current liabilities (both determined in accordance with GAAP) to be less than one-to-one; provided, however, that the failure of Tenant to comply with the foregoing ratio shall not constitute an Event of Default if a Fixed Term Security Letter of Credit in the amount of twelve monthly installments of Base Rent is in effect or is obtained within ten Business Days after such failure.
