Consolidated Secured Debt Leverage Ratio. Permit the Consolidated Secured Debt Leverage Ratio to be greater than forty percent (40%) as of the end of any fiscal quarter.
Consolidated Secured Debt Leverage Ratio. Permit the Consolidated Secured Debt Leverage Ratio as of the last day of any fiscal quarter of the Parent REIT to exceed 50%.
Consolidated Secured Debt Leverage Ratio. The Company shall not permit the Consolidated Secured Debt Leverage Ratio for any fiscal quarter ending on or after March 31, 2013 and for which the Consolidated Leverage Ratio is greater than 3.75 to 1.00 to exceed 2.00 to 1.00.
Consolidated Secured Debt Leverage Ratio. Permit the Consolidated Secured Debt Leverage Ratio as of the last day of any fiscal quarter of the Borrower to exceed 50% (or, for the fiscal quarter ending March 31, 2022 so long as the Optional Modification Period Termination Date has not occurred, 55%); provided that for the purposes of determining the ratio described above for each of the first three full fiscal quarters of the Borrower immediately following the Modification Period Termination Date, Net Operating Income for the relevant period shall be deemed to equal Net Operating Income for such fiscal quarter (and, in the case of the later two such determinations, each previous fiscal quarter commencing after the Modification Period Termination Date) multiplied by 4, 2 and 4/3, respectively..
Consolidated Secured Debt Leverage Ratio. Permit the Consolidated Secured Debt Leverage Ratio as of the last day of any fiscal quarter of the Borrower to exceed (i) at any time on or prior to the second anniversary of the Effective Date, 50% and (ii) thereafter, 45%.
Consolidated Secured Debt Leverage Ratio. Permit the Consolidated Secured Debt Leverage Ratio as of the last day of any fiscal quarter of the Borrower to exceed 50%; provided that for the purposes of determining the ratio described above for the fiscal quarters of the Borrower ending June 30, 2021, September 30, 2021 and December 31, 2021, Net Operating Income for the relevant period shall be deemed to equal Net Operating Income for such fiscal quarter (and, in the case of the later two such determinations, each previous fiscal quarter commencing after the Modification Period) multiplied by 4, 2 and 4/3, respectively.
Consolidated Secured Debt Leverage Ratio. The Company shall not permit the ratio of Consolidated Secured Debt Leverage Ratio to exceed, as of the last day of the fiscal quarter ending (i) March 31, 2015, 1.50 to 1.00, (ii) June 30, 2015, 1.60 to 1.00, (iii) September 30, 2015, 1.70 to 1.00, and (iv) on or after December 31, 2015, 1.85 to 1.00.”
(j) Section 8.9(a) of the Credit Agreement is hereby amended and restated in its entirety with the following:
(a) if (A) no Default or Event of Default (other than a Default or Event of Default due to a breach of Section 8.12(c)) shall have occurred and be continuing, (B) no such Restricted Payment shall cause or result in a Default or Event of Default (other than a Default or Event of Default due to a breach of Section 8.12(c)), (C) at the time any such Restricted Payment is made by the Company, and giving pro forma effect to such Restricted Payment, (1) the ratio of the Effective Amount to the Borrowing Base does not exceed .85 to 1.00 and (2) the Company shall have Unused Availability of at least $40,000,000, (D) calculating the financial covenant in Section 8.12(d) as if the proposed Restricted Payment had been made on the last day of the most recently ended fiscal quarter, the Company is in pro forma compliance with Section 8.12(d) hereof after giving effect to such Restricted Payment, and (E) calculating the Consolidated Leverage Ratio as if the proposed Restricted Payment had been made on the last day of the most recently ended fiscal quarter, the Company is in pro forma compliance with a Consolidated Leverage Ratio of less than (i) if for the fiscal quarter ending March 31, 2014, 4.75 to 1.00, (ii) if for the fiscal quarter ending June 30, 2014, 4.50 to 1.00 and (iii) for any fiscal quarter ending on or after September 30, 2014, 4.00 to 1.00, then the Company may declare and pay regular Cash Dividends that do not exceed, when aggregated with the dividends paid in the fiscal quarter in which such dividend is paid and the prior three fiscal quarters, $35,000,000, so long as such Cash Dividends are not used by Denver Parent to make any distribution, dividend or return capital to its members, partners or stockholders or make any distribution of assets in cash or in kind to its members, partners or stockholders;”
(k) Section 11.4(b) of the Credit Agreement is hereby amended and restated in its entirety with the following:
