Debt Coverage. 37 SECTION 5.08. Negative Pledge.................................................................37 SECTION 5.09. Consolidations, Mergers and Sales of Assets.....................................38 SECTION 5.10. Use of Proceeds.................................................................39 SECTION 5.11. Year 2000 Compatibility.........................................................39
Debt Coverage. (a) Prior to the Separation, consolidated Debt of the Company and its Consolidated Subsidiaries will at all times be less than 70% of the sum of consolidated Debt of the Company and its Consolidated Subsidiaries and consolidated shareowners' equity of the Company and its Consolidated Subsidiaries.
(b) After the Separation, consolidated Debt of the Company and its Consolidated Subsidiaries as of the last day of any fiscal quarter of the Company will not exceed 400% of Consolidated EBITDA for the four consecutive fiscal quarters of the Company ending on such date; provided that in the case of any four fiscal quarter period ending prior to the first anniversary of the Separation, Consolidated EBITDA for such period shall equal Consolidated EBITDA for each fiscal quarter (a "Relevant Quarter") beginning after the Separation and ending on or prior to the last day of such period, multiplied by a fraction, the numerator of which is four and the denominator of which is the number of Relevant Quarters.
Debt Coverage. Consolidated Debt of the Company and its Consolidated Subsidiaries as of the last day of any fiscal quarter of the Company will not exceed 375% of Consolidated EBITDA for the four consecutive fiscal quarters of the Company ending on such date.
Debt Coverage. The Borrower will not, at the end of any fiscal quarter, permit the Funds from Operations plus expensed interest for such fiscal quarter and the preceding three fiscal quarters (the "Test Period") to be less than 2.5 times the Debt Service for the Test Period. For purposes of testing compliance with this covenant only, if Debt Service includes capitalized interest incurred as the result of Borrower or its Subsidiary engaging in a development activity permitted by Section 8.9, Funds from Operations for each fiscal quarter in which interest is so capitalized as a result of such development shall include the Pro Forma Development Net Operating Income for such development. For any fiscal quarter, the Pro Forma Development Net Operating Income shall be the amount obtained by multiplying (x) the quarterly Net Operating Income which the Borrower and the Agent mutually agree will be derived immediately following the completion of such development project and the delivery of leased premises to tenants with signed leases on the basis of such signed leases in effect as of the date of such calculation (any cancellation or termination options contained in such leases must be acceptable to the Agent in the exercise of its reasonable discretion), by (y) the quotient obtained by dividing (i) the amount of Loans advanced under this Agreement in connection with the construction of such development project during the fiscal quarter in question, by (ii) the total project costs incurred for such development project as of the end of the fiscal quarter in question. The Borrower shall provide the Agent with copies of such leases, information regarding project costs and such other information, data and reports as the Agent shall require in order to test compliance with this covenant.
Debt Coverage. As of the last day of each fiscal quarter of the Parent Guarantor ending during a period set forth in the table below, the Leverage Ratio at such day shall not be less than the ratio set forth in the table below corresponding to the applicable period; provided that the Leverage Ratio as of the last day of any fiscal quarter ending on or after the Equity Issuance Date shall not be less than .300. ================================================================================ Period Leverage Ratio ================================================================================ Prior to December 28, 2001 .300 ================================================================================ On or after December 28, 2001 and prior .270 to March 29, 2002 ================================================================================ On or after March 29, 2002 and prior to .280 June 28, 2002 ================================================================================ On or after June 28, 2002 and prior to .290 September 27, 2002 ================================================================================ On or after September 27, 2002 .300 ================================================================================ For purposes of this Section 5.10, the "Equity Issuance Date" is the first date, if any, subsequent to November 1, 2001 and prior to September 27, 2002 that is 75 days after the date on which the Parent Guarantor shall have consummated one or more public offerings of its Common Stock; provided that the aggregate net cash proceeds of such public offerings, reduced by the aggregate amount expended by the Parent Guarantor for repurchases of its Common Stock on or after the date of pricing of the initial such public offering and on or prior to the 75th day following the consummation of the initial such public offering, are equal to or greater than $200,000,000.
(b) The reference in Section 5.11 to "September 29, 2001" is changed to "September 28, 2001."
Debt Coverage. The Borrower will maintain on a consolidated basis as of the end of each fiscal year a ratio of (earnings + interest expense + depreciation + amortization) to (interest expense + current maturity of long term debt + capital lease payments) of not less than 1.4 to 1.0.
Debt Coverage. 46 Section 11.3
Debt Coverage. 47 SECTION 5.11. Minimum Consolidated Net Worth....................... 48 SECTION 5.12. Transactions with Affiliates......................... 48 SECTION 5.13. Use of Proceeds...................................... 48 SECTION 5.14. Restricted Payments.................................. 48 ARTICLE VI DEFAULTS
Debt Coverage. As of the end of each Fiscal Quarter, the Borrower shall not permit the ratio of (a) the sum of its consolidated Debt arising under clauses (a), (b) and (g) of the definition thereof (including, without limitation, the Loans) plus the Letter of Credit Liabilities, to (b) its Adjusted EBITDA for the four (4) Fiscal Quarters then ended, to be greater than the ratio set forth in the table below opposite the applicable Fiscal Quarter end: -------------------------------------------------------------------------------- Fiscal Month Ratio -------------------------------------------------------------------------------- Each Fiscal Quarter of 2002 3.0 to 1.0 Each Fiscal Quarter of 2003 3.0 to 1.0 First Fiscal Quarter of 2004 2.9 to 1.0 Second Fiscal Quarter of 2004 2.9 to 1.0 Third Fiscal Quarter of 2004 2.8 to 1.0 Fourth Fiscal Quarter of 2004 2.8 to 1.0 First Fiscal Quarter of 2005 2.8 to 1.0 Second Fiscal Quarter of 2005 2.7 to 1.0 Third Fiscal Quarter of 2005 2.7 to 1.0 Fourth Fiscal Quarter of 2005 2.6 to 1.0 -------------------------------------------------------------------------------- Fiscal Month Ratio -------------------------------------------------------------------------------- First Fiscal Quarter of 2006 2.6 to 1.0 Second Fiscal Quarter of 2006 2.5 to 1.0 Third Fiscal Quarter of 2006 2.5 to 1.0 Fourth Fiscal Quarter of 2006 2.4 to 1.0 Each Fiscal Quarter thereafter 2.4 to 1.0 --------------------------------------------------------------------------------
Debt Coverage. Consolidated Debt of the Company and its Consolidated Subsidiaries as of the last day of any fiscal quarter of the Company will not exceed (i) prior to the Reset Date, 350%, and (ii) on and after the Reset Date, 400%, of Consolidated EBITDA for the four consecutive fiscal quarters of the Company ending on such date.
