Common use of Indebtedness and Cash Flow Covenants Clause in Contracts

Indebtedness and Cash Flow Covenants. The Borrower shall not at any time permit: (i) the ratio of EBITDA to Fully Diluted Debt Service to be less than 2.00 to 1.0 for the quarter then ended; (ii) Consolidated Total Indebtedness to exceed fifty percent (50%) of Market Capitalization; (iii) the Value of Unencumbered Assets to be less than 1.75 times the Consolidated Senior Unsecured Indebtedness; (iv) the ratio obtained by dividing: (a) the Property Operating Income after deducting (without duplication) the Capital Expenditure Reserve Amount and an assumed management fee equal to 4% of gross revenues (excluding tenant reimbursements) from all Unencumbered Assets qualifying for inclusion in the calculation of Value of Unencumbered Assets for such quarter by (b) that portion of Debt Service attributable to Consolidated Unsecured Indebtedness plus (without duplication) Borrower's pro rata share (based on economic interest) of Debt Service for such quarter attributable to unsecured indebtedness of Qualifying Investment Affiliates that own assets qualifying for inclusion in the calculation of Value of Unencumbered Assets to be less than 2.00 to 1.0 for the quarter then ended; and (v) Consolidated Secured Indebtedness to exceed thirty percent (30%) of Market Capitalization.

Indebtedness and Cash Flow Covenants. The Borrower shall not at any time permit: (i) the ratio of EBITDA to Fully Diluted Debt Service to be less than 2.00 to 1.0 for the quarter then ended; (ii) the ratio of EBITDA to Fixed Charges to be less than 1.75 for the quarter then ended; (iii) Consolidated Total Indebtedness to exceed fifty fifty-five percent (5055%) of Market Capitalization; (iiiiv) the Value of Unencumbered Assets to be less than 1.75 times the Consolidated Senior Unsecured Indebtedness; (ivv) the ratio obtained by dividing: (a) the Property Operating Income after deducting (without duplication) the Capital Expenditure Reserve Amount and an assumed management fee equal to 43% of gross revenues (excluding tenant reimbursements) from all Unencumbered Assets qualifying for inclusion in the calculation of Value of Unencumbered Assets for such quarter by (b) that portion of Debt Service attributable to Consolidated Unsecured Indebtedness plus (without duplication) Borrower's pro rata share (based on economic interest) of Debt Service for such quarter attributable to unsecured indebtedness of Qualifying Investment Affiliates and Special Qualifying Investment Affiliates that own assets qualifying for inclusion in the calculation of Value of Unencumbered Assets to be less than 2.00 to 1.0 for the quarter then ended; and (vvi) Consolidated Secured Indebtedness to exceed thirty percent (30%) of Market Capitalization.

Indebtedness and Cash Flow Covenants. The Borrower shall not at any time permit: (i) the ratio of EBITDA to Fully Diluted Debt Service to be less than 2.00 2.25 to 1.0 for the quarter then ended; (ii) Consolidated Total Indebtedness to exceed fifty percent (50%) of Market Capitalization; (iii) the Value of Unencumbered Assets to be less than 1.75 times the Consolidated Senior Unsecured Indebtedness; (iv) the ratio obtained by dividing: (a) the Property Operating Income after deducting (without duplication) the Capital Expenditure Reserve Amount and an assumed management fee equal to 41% of gross revenues (excluding tenant reimbursements) from all Unencumbered Assets qualifying for inclusion in the calculation of Value of Unencumbered Assets for such quarter by (b) that portion of Debt Service attributable to Consolidated Unsecured Indebtedness plus (without duplication) Borrower's pro rata share (based on economic interest) of Debt Service for such quarter attributable to unsecured indebtedness of Qualifying Investment Affiliates that own assets qualifying for inclusion in the calculation of Value of Unencumbered Assets to be less than 2.00 to 1.0 for the quarter then ended; and (v) Consolidated Secured Indebtedness to exceed thirty forty percent (3040%) of Market CapitalizationCapitalization for quarters ending on or before March 31, 1998, and thirty-five percent (35%) thereafter.

Indebtedness and Cash Flow Covenants. The Borrower Guarantor shall not at any time permit: (i) the ratio of EBITDA to Fully Diluted Debt Service to be less than 2.00 2.25 to 1.0 for the quarter then ended; (ii) Consolidated Total Indebtedness to exceed fifty percent (50%) of Market Capitalization; (iii) the Value of Unencumbered Assets to be less than 1.75 times the Consolidated Senior Unsecured Indebtedness; (iv) the ratio obtained by dividing: (a) the Property Operating Income after deducting (without duplication) the Capital Expenditure Reserve Amount and an assumed management fee equal to 41% of gross revenues (excluding tenant reimbursements) from all Unencumbered Assets qualifying for inclusion in the calculation of Value of Unencumbered Assets for such quarter by (b) that portion of Debt Service attributable to Consolidated Unsecured Indebtedness plus (without duplication) BorrowerGuarantor's pro rata share (based on economic interest) of Debt Service for such quarter attributable to unsecured indebtedness of Qualifying Investment Affiliates that own assets qualifying for inclusion in the calculation of Value of Unencumbered Assets to be less than 2.00 to 1.0 for the quarter then ended; and (v) Consolidated Secured Indebtedness to exceed thirty forty percent (3040%) of Market CapitalizationCapitalization for quarters ending on or before March 31, 1998, and thirty-five percent (35%) thereafter.

Indebtedness and Cash Flow Covenants. The Borrower on a consolidated basis with its Subsidiaries shall not at permit, as of the last day of any time permitfiscal quarter: (i) the ratio sum of EBITDA (x) Consolidated Outstanding Indebtedness minus (y) the amount of restricted cash and Cash Equivalents held as collateral or in escrow in a bank account by a lender, creditor, or counterparty (“Restricted Cash Collateral”) with respect to Fully Diluted Debt Service any Consolidated Outstanding Indebtedness to be less than 2.00 to 1.0 for the quarter then endedexceed sixty percent (60%) of Consolidated Market Value; (ii) the sum of (x) Consolidated Total Secured Indebtedness minus (y) Restricted Cash Collateral with respect to Consolidated Secured Indebtedness to exceed fifty thirty-five percent (5035%) of Consolidated Market CapitalizationValue; (iii) the Value of Unencumbered Assets to be less than 1.75 1.67 times the sum of (x) Consolidated Senior Unsecured Indebtedness minus (y) Restricted Cash Collateral with respect to Consolidated Unsecured Indebtedness; (iv) the ratio obtained by dividing: (a) the Property Operating Income after deducting (without duplication) the Capital Expenditure Reserve Amount and an assumed management fee equal to 4% of gross revenues (excluding tenant reimbursements) from all Unencumbered Assets qualifying for inclusion in the calculation of Value of Unencumbered Assets for such quarter by (b) that portion of Debt Service attributable to Consolidated Unsecured Indebtedness plus (without duplication) Borrower's pro rata share (based on economic interest) of Debt Service for such quarter attributable to unsecured indebtedness of Qualifying Investment Affiliates that own assets qualifying for inclusion in the calculation of Value of Unencumbered Assets Cash Flow to be less than 2.00 to 1.0 for 1.5 times Fixed Charges, based on the quarter then ended; andmost recent four (4) fiscal quarters; (v) Consolidated Secured Indebtedness Investments in Investment Affiliates (valued on a GAAP basis) to exceed thirty percent (30%) of Consolidated Market CapitalizationValue; (vi) the Consolidated Group’s aggregate Investment in Developable Land, Passive Non-Real Estate Investments, First Mortgage Receivables, Assets Under Development, and Properties not located in the United States or Puerto Rico, to exceed thirty percent (30%) of Consolidated Market Value; for purposes hereof, Developable Land, Passive Non-Real Estate Investments and First Mortgage Receivables will be valued at the lower of acquisition cost or market value; (vii) the ratio of Unencumbered NOI for the period of four (4) fiscal quarters then ended to Consolidated Unsecured Indebtedness to be less than (A) 10% for the period from the Closing Date through the fiscal quarter ending December 31, 2010, (B) 11% for the fiscal quarters ending on March 31, 2011 through June 30, 2012, and (C) 11.5% for the fiscal quarters ending September 30, 2012 and thereafter; and (viii) the aggregate principal amount of Recourse Indebtedness that is secured by a Lien on partnership or other equity interests or by any other Lien which is not a mortgage Lien on real property shall not exceed $800,000,000.

Indebtedness and Cash Flow Covenants. The Borrower shall not at any time permit: (i) the ratio of EBITDA to Fully Diluted Debt Service to be less than 2.00 to 1.0 for the quarter then ended; (ii) Consolidated Total Indebtedness to exceed fifty percent (50%) of Market Capitalization; (iii) the Value of Unencumbered Assets to be less than 1.75 times the Consolidated Senior Unsecured Indebtedness; (iv) the ratio obtained by dividing: (a) the Property Operating Income after deducting (without duplication) the Capital Expenditure Reserve Amount and an assumed management fee equal to 41% of gross revenues (excluding tenant reimbursements) from all Unencumbered Assets qualifying for inclusion in the calculation of Value of Unencumbered Assets for such quarter by (b) that portion of Debt Service attributable to Consolidated Unsecured Indebtedness plus (without duplication) Borrower's pro rata share (based on economic interest) of Debt Service for such quarter attributable to unsecured indebtedness of Qualifying Investment Affiliates that own assets qualifying for inclusion in the calculation of Value of Unencumbered Assets to be less than 2.00 to 1.0 for the quarter then ended; and (v) Consolidated Secured Indebtedness to exceed thirty percent (30%) of Market Capitalization.

Indebtedness and Cash Flow Covenants. The Borrower shall not at any time permit: (i) the ratio of EBITDA to Fully Diluted Debt Service to be less than 2.00 to 1.0 for the quarter then ended; (ii) the ratio of EBITDA to Fixed Charges to be less than 1.75 for the quarter then ended; (iii) Consolidated Total Indebtedness to exceed fifty fifty-five percent (5055%) of Market Capitalization; (iiiiv) the Unencumbered Pool Value of Unencumbered Assets to be less than 1.75 times the Consolidated Senior Unsecured Indebtedness; (ivv) the ratio obtained by dividing: (a) the Property Operating Income after deducting (without duplication) the Capital Expenditure Reserve Amount and an assumed management fee equal to 43% of gross revenues (excluding tenant reimbursements) from all Unencumbered Assets qualifying for inclusion in the calculation of Value of Unencumbered Assets for such quarter by (b) that portion of Debt Service attributable to Consolidated Unsecured Indebtedness plus (without duplication) Borrower's ’s pro rata share (based on economic interest) of Debt Service for such quarter attributable to unsecured indebtedness of Qualifying Investment Affiliates and Special Qualifying Investment Affiliates that own assets qualifying for inclusion in the calculation of Value of Unencumbered Assets to be less than 2.00 to 1.0 for the quarter then ended; and (vvi) Consolidated Secured Indebtedness to exceed thirty percent (30%) of Market Capitalization.