Consolidated Loan to Value Ratio. The ratio of Borrower's aggregate interest bearing debt to the value of all of Borrower's real estate assets shall be less than 60% tested at each fiscal year end. For purposes of calculation of the Consolidated Loan to Value Ratio as of December 31, 1999, and at yearly intervals thereafter, the value of all of Borrower's real estate assets shall be the sum of the Adjusted Net Operating Income for the trailing one-year period from all of Borrower's real estate assets owned throughout that period capitalized at 12%, plus (ii) the lesser of the acquisition cost or the appraised value of any of Borrower's real estate assets acquired within the preceding 12 months.
Consolidated Loan to Value Ratio. Borrower shall, at all times from and after July 1, 2012, maintain a "Consolidated Loan to Value Ratio" (principal balance of all loan obligations of Borrower divided by the value of all of Borrower's owned real estate) of no greater than 70%, which shall be tested annually on December 31st of each year commencing on December 31, 2012. For purposes of calculating the Consolidated Loan to Value Ratio, the unpaid balance of all loan obligations of Borrower (including the Loans) shall be utilized. The value of all of the Borrower's owned real estate assets shall be equal to the greater of (X) the sum of the Adjusted Net Operating Income (as defined in Section 4.01(G)) for the trailing one (1) year period from all of the Borrower's real estate assets owned during the entire one (1) year period capitalized at ten percent (10%) plus the lesser of (a) the acquisition cost or (b) the appraised value (based on appraisals that are less than two (2) years old) of any of the Borrower's real estate assets acquired within the preceding twelve (12) months or (Y) the gross room revenues from all of the Borrower's real estate assets owned during the entire one (1) year period multiplied by 2.75, plus the lesser of (a) the acquisition cost or (b) the appraised value (based on appraisals that are less than two (2) years old) of any of the Borrower's real estate assets acquired within the preceding twelve (12) months. As used in this Section 4.01(J), the term "Borrower" shall include all entities included in Borrower's consolidated financial statements.
Consolidated Loan to Value Ratio. Borrower shall, at all times, maintain a "Consolidated Loan to Value Ratio" (principal balance of all loan obligations of Borrower divided by the value of all of Borrower's owned real estate) of no greater than 65%, which shall be tested annually on the anniversary date of this Agreement. For purposes of calculating the Consolidated Loan to Value Ratio, the unpaid balance of all loan obligations of Borrower (including the Loans) shall be utilized. The value of all of the Borrower's owned real estate assets shall be equal to the sum of the Adjusted Net Operating Income (as defined in Section 4.01(G)) for the trailing one (1) year period from all of the Borrower's real estate assets owned during the entire one (1) year period capitalized at ten percent (10%) plus the lesser of (a) the acquisition cost or (b) the appraised value (based on appraisals that are less than two (2) years old) of any of the Borrower's real estate assets acquired within the preceding twelve (12) months. As used in this Section 4.01(J), the term "Borrower" shall include all entities included in Borrower's consolidated financial statements.
Consolidated Loan to Value Ratio. The Consolidated Loan to Value Ratio as of the end of each fiscal quarter shall not exceed 65% as confirmed by Administrative Agent based on the last four (4) completed fiscal quarters on a trailing four (4) quarter basis.
Consolidated Loan to Value Ratio. Guarantor shall at all times during each quarterly fiscal period of Guarantor maintain a Consolidated Loan to Value Ratio of not greater than 65%.
