Common use of Indebtedness and Cash Flow Covenants Clause in Contracts

Indebtedness and Cash Flow Covenants. The Company shall not permit: (a) the ratio of Consolidated Outstanding Indebtedness to Total Asset Value to be greater than 0.60:1 as of the end of any fiscal quarter; Associated Estates Realty Corporation Note Purchase Agreement (b) the ratio of Consolidated Adjusted EBITDA to Consolidated Fixed Charges to be less than 1.50:1 as of the end of any fiscal quarter; (c) the ratio of Consolidated Unsecured Indebtedness to Unencumbered Real Property Value to be greater than 0.60:1 as of the end of any fiscal quarter; (d) the ratio of Unencumbered Real Property Adjusted NOI to Consolidated Interest Expense on Consolidated Unsecured Indebtedness as of the end of any fiscal quarter to be less than 2.00:1; and (e) the percentage of the total residential units in the Qualifying Unencumbered Projects that are physically occupied by tenants under third-party occupancy leases to be less than 80% as of any date; provided, however, that, if and to the extent that the total percentage of residential units in the Qualifying Unencumbered Projects that are physically occupied by tenants under third party occupancy leases falls below the 80% threshold at any time, the Company shall, within thirty (30) days from such date, either (i) add an Eligible Unencumbered Project, (ii) replace a Qualifying Unencumbered Project, or (iii) remove a Qualifying Unencumbered Project if the Removal Conditions are satisfied in order to comply with such 80% minimum threshold.

Indebtedness and Cash Flow Covenants. The Company Borrower shall not permit: (a) the ratio of Consolidated Outstanding Indebtedness to Total Asset Value The Leverage Ratio to be greater than 0.60:1 as of the end of any fiscal quarter; Associated Estates Realty Corporation Note Purchase Agreement; (b) the The ratio of Consolidated Adjusted EBITDA to Consolidated Fixed Charges to be less than 1.50:1 as of the end of any fiscal quarter; (c) the The ratio of Consolidated Unsecured Indebtedness to Unencumbered Real Property Value to be greater than 0.60:1 0.625:1 as of the end of any fiscal quarter; (d) the The ratio of Unencumbered Real Property Adjusted NOI to Consolidated Interest Expense on Consolidated Unsecured Indebtedness as of the end of any fiscal quarter to be less than 2.00:1; and (e) the The percentage of the total residential units in the Qualifying Unencumbered Projects that are physically occupied by tenants under third-third party occupancy leases to be less than 80% as of any date; provided, however, provided however that, if and to the extent that the total percentage of residential units in the Qualifying Unencumbered Projects that are physically occupied by tenants under third party occupancy leases falls below the 80% threshold at any time, the Company Borrower shall, within thirty (30) days from such date, either (i) add an Eligible Unencumbered ProjectProject (in accordance with Section 3.1 of this Agreement), (ii) replace a Qualifying Unencumbered Project, or (iii) remove a Qualifying Unencumbered Project if the Removal Conditions are satisfied (in accordance with Section 3.3 of this Agreement) in order to comply with such 80% minimum threshold.

Indebtedness and Cash Flow Covenants. The Company Borrower shall not permit: (a) the The ratio of Consolidated Outstanding Indebtedness to Total Asset Value to be greater than 0.60:1 as of the end of any fiscal quarter; Associated Estates Realty Corporation Note Purchase Agreement; (b) the The ratio of Consolidated Adjusted EBITDA to Consolidated Fixed Charges to be less than 1.50:1 as of the end of any fiscal quarterquarter ending on June 30, 2011 or at any time thereafter; (c) the The ratio of Consolidated Unsecured Indebtedness to Unencumbered Real Property Value to be greater than 0.60:1 as of the end of any fiscal quarter; (d) the The ratio of Unencumbered Real Property Adjusted NOI to Consolidated Interest Expense on Consolidated Unsecured Indebtedness as of the end of any fiscal quarter to be less than 2.00:1; and (e) the The percentage of the total residential units in the Qualifying Unencumbered Projects that are physically occupied by tenants under third-third party occupancy leases to be less than 8085% as of any date; provided, however, provided however that, if and to the extent that the total percentage of residential units in the Qualifying Unencumbered Projects that are physically occupied by tenants under third party occupancy leases falls below the 8085% threshold at any time, the Company Borrower shall, within thirty (30) days from such date, either (i) add an Eligible Unencumbered ProjectProject (in accordance with Section 3.1 of this Agreement), (ii) replace a Qualifying Unencumbered Project, or (iii) remove a Qualifying Unencumbered Project if the Removal Conditions are satisfied (in accordance with Section 3.3 of this Agreement) in order to comply with such 8085% minimum threshold.

Indebtedness and Cash Flow Covenants. The Company Borrower shall not permit: (a) the The ratio of Consolidated Outstanding Indebtedness to Total Asset Value to be greater than 0.60:1 as of the end of any fiscal quarter; Associated Estates Realty Corporation Note Purchase Agreement; (b) the The ratio of Consolidated Adjusted EBITDA to Consolidated Fixed Charges to be less than 1.50:1 as of the end of any fiscal quarterquarter ending on September 30, 2011 or at any time thereafter; (c) the The ratio of Consolidated Unsecured Indebtedness to Unencumbered Real Property Value to be greater than 0.60:1 as of the end of any fiscal quarter; (d) the The ratio of Unencumbered Real Property Adjusted NOI to Consolidated Interest Expense on Consolidated Unsecured Indebtedness as of the end of any fiscal quarter to be less than 2.00:1; and (e) the The percentage of the total residential units in the Qualifying Unencumbered Projects that are physically occupied by tenants under third-third party occupancy leases to be less than 80% as of any date; provided, however, provided however that, if and to the extent that the total percentage of residential units in the Qualifying Unencumbered Projects that are physically occupied by tenants under third party occupancy leases falls below the 80% threshold at any time, the Company Borrower shall, within thirty (30) days from such date, either (i) add an Eligible Unencumbered ProjectProject (in accordance with Section 3.1 of the Credit Agreement), (ii) replace a Qualifying Unencumbered Project, or (iii) remove a Qualifying Unencumbered Project if (in accordance with Section 3.3 of the Removal Conditions are satisfied Credit Agreement) in order to comply with such 80% minimum threshold.

Indebtedness and Cash Flow Covenants. The Company Borrower shall not permit: (a) the The ratio of Consolidated Outstanding Indebtedness to Total Asset Value to be greater than 0.60:1 as of the end of any fiscal quarter; Associated Estates Realty Corporation Note Purchase Agreement; (b) the The ratio of Consolidated Adjusted EBITDA to Consolidated Fixed Charges to be less than 1.50:1 as of the end of any fiscal quarterquarter ending on December 31, 2010 or at any time thereafter; (c) the The ratio of Consolidated Unsecured Indebtedness to Unencumbered Real Property Value to be greater than 0.60:1 as of the end of any fiscal quarter; (d) the The ratio of Unencumbered Real Property Adjusted NOI to Consolidated Interest Expense on Consolidated Unsecured Indebtedness as of the end of any fiscal quarter to be less than 2.00:1; and (e) the The percentage of the total residential units in the Qualifying Unencumbered Projects that are physically occupied by tenants under third-third party occupancy leases to be less than 8085% as of any date; provided, however, provided however that, if and to the extent that the total percentage of residential units in the Qualifying Unencumbered Projects that are physically occupied by tenants under third party occupancy leases falls below the 8085% threshold at any time, the Company Borrower shall, within thirty (30) days from such date, either (i) add an Eligible Unencumbered ProjectProject (in accordance with Section 3.1 of the Credit Agreement), (ii) replace a Qualifying Unencumbered Project, or (iii) remove a Qualifying Unencumbered Project if (in accordance with Section 3.3 of the Removal Conditions are satisfied Credit Agreement) in order to comply with such 8085% minimum threshold.

Indebtedness and Cash Flow Covenants. The Company shall not permit: (a) the ratio of Consolidated Outstanding Indebtedness to Total Asset Value to be greater than 0.60:1 as of the end of any fiscal quarter; Associated Estates Realty Corporation Note Purchase Agreement; (b) the ratio of Consolidated Adjusted EBITDA to Consolidated Fixed Charges to be less than 1.50:1 as of the end of any fiscal quarter; (c) the ratio of Consolidated Unsecured Indebtedness to Unencumbered Real Property Value to be greater than 0.60:1 0.625:1 as of the end of any fiscal quarter;; Associated Estates Realty Corporation Note Purchase Agreement (d) the ratio of Unencumbered Real Property Adjusted NOI to Consolidated Interest Expense on Consolidated Unsecured Indebtedness as of the end of any fiscal quarter to be less than 2.00:1; and (e) the percentage of the total residential units in the Qualifying Unencumbered Projects that are physically occupied by tenants under third-party occupancy leases to be less than 80% as of any date; provided, however, that, if and to the extent that the total percentage of residential units in the Qualifying Unencumbered Projects that are physically occupied by tenants under third party occupancy leases falls below the 80% threshold at any time, the Company shall, within thirty (30) days from such date, either (i) add an Eligible Unencumbered Project, (ii) replace a Qualifying Unencumbered Project, or (iii) remove a Qualifying Unencumbered Project if the Removal Conditions are satisfied in order to comply with such 80% minimum threshold.