DEFINITION OF LEVERAGE RATIO. The definition of "Leverage Ratio" contained in Section 1.1 of the Credit Agreement is hereby amended by deleting such definition in its entirety, and substituting in lieu thereof a new definition, to read as follows:
DEFINITION OF LEVERAGE RATIO. The definition of "LEVERAGE RATIO" on page 12 of the Credit Agreement is hereby amended and restated in its entirety as follows:
DEFINITION OF LEVERAGE RATIO. The definition of "Leverage Ratio" set forth in Section 1.1 of the Credit Agreement is amended by adding the following proviso at the end of such definition: "; provided that from the Amendment Effective Date until October 1, 2005, Total Asset Value shall be calculated by using the value at cost of the Pre-Stabilized Acquisition Properties in lieu of the Property Value of the Pre-Stabilized Acquisition Properties".
DEFINITION OF LEVERAGE RATIO. The definition of “Leverage Ratio” in Appendix A to the Group Parent Guaranty shall be amended in its entirety to read as follows:
DEFINITION OF LEVERAGE RATIO. The definition of "Leverage Ratio" contained in Section 1.1 of the Loan Agreement is hereby amended in full to read as follows:
DEFINITION OF LEVERAGE RATIO. The definition of "LEVERAGE RATIO" in Section 1.01 of the Credit Agreement is amended to delete in its entirety the second sentence in such definition.
DEFINITION OF LEVERAGE RATIO. Borrower acknowledges, confirms and agrees the definition of Leverage Ratio shall be amended to be based upon Shareholders’ Equity and not Tangible Net Worth. Accordingly, the definition of Leverage Ratio in Section 18 of Annex 2 to the Loan Agreement is hereby amended and restated in its entirety as follows:
DEFINITION OF LEVERAGE RATIO. Section 1.1 Debt used for calculation of the leverage ratio here must only be limited to the Debt relating to the Project Works and the Bid Premium. This must exclude other liabilities such as working capital, hedge, etc. which are not required to be used to calculate the Leverage Ratio This comment has been noted and considered by the Grantors. To the extent to which the comment has been accepted, an amendment has been made to the Concession Agreement and is reflected in the Generic and Panglao versions of the Concession Agreement issued on 15 December 2015.
