Common use of Maximum Secured Indebtedness Ratio Clause in Contracts

Maximum Secured Indebtedness Ratio. The Parent Guarantor will not permit the ratio of (1) Secured Indebtedness of the Parent Guarantor and its Subsidiaries determined on a consolidated basis to (2) Total Asset Value to exceed 0.45 to 1.00 at any time; provided that (1) notwithstanding the foregoing, if the Covenant Relief Period ends as specified in clause (b) of the definition thereofThreshold Adjustment Period is then in effect, (i) forduring the first two fiscal quarter period ending June 30, 2021quarters ending during the Covenant Threshold Adjustment Period, such ratio may exceed 0.45 to 1.00 but shall not exceed 0.50 to 1.00 at any time and (ii) for the fiscal quarter period ending September 30, 2021during the third and fourth fiscal quarters ending during the Covenant Threshold Adjustment Period, such ratio may exceed 0.45 to 1.00 but shall not exceed 0.475 to 1.00 at any time. Notwithstanding the foregoing, for purposes of calculating the foregoing, (A) for the last full fiscal quarter period of the Covenant Relief Period (which, (x) if the Covenant Relief Period ends pursuant to clause (a) of the definition thereof will be the period for which the Constituent Companies calculated the Specified Financial Covenants in the Covenant Relief Termination Notice and (y) if the Covenant Relief Period ends pursuant to clause (b) of the definition thereof, will be June 30March 31, 20212022), Adjusted NOI for purposes of calculating Total Asset Value shall be measured as, at the Parent Guarantor’s election, either (I) Adjusted NOI for the two fiscal quarter period ending on such date multiplied by 2, or (II) Adjusted NOI for the single fiscal quarter ending on such date multiplied by 4; (B) for the fiscal quarter period immediately following the fiscal quarter period described in clause (A), Adjusted NOI shall be measured as, either (I) if for clause (A) above, Adjusted NOI was measured based on clause (A)(I) above, then Adjusted NOI shall be measured as Adjusted NOI for the three fiscal quarter period ending on such date multiplied by 4/3, or (II) if for clause (A) above, Adjusted NOI was measured based on clause (A)(II) above, then Adjusted NOI shall be measured as Adjusted NOI for the two fiscal quarter period ending on such date multiplied by 2; and (C) for the fiscal quarter period immediately following the fiscal quarter period described in clause (B), Adjusted NOI shall be measured as, either (I) if for clause (A) above, Adjusted NOI was measured based on clause (A)(I) above, then Adjusted NOI shall ​ ​ ​ be measured as Adjusted NOI for the four fiscal quarter period ending on such date, or (II) if for clause (A) above, Adjusted NOI was measured based on clause (A)(II) above, then Adjusted NOI shall be measured as Adjusted NOI for the three fiscal quarter period ending on such date multiplied by 4/3.

Maximum Secured Indebtedness Ratio. The Parent Guarantor will not permit the ratio of (1) Secured Indebtedness of the Parent Guarantor and its Subsidiaries determined on a consolidated basis to (2) Total Asset Value to exceed 0.45 to 1.00 at any time; provided that (1) notwithstanding the foregoing, foregoing if the Covenant Relief Period ends as specified in clause (b) of the definition thereofThreshold Adjustment Period is thereof then in effect, (i) forduring for the first two fiscal quarter period ending June 30, 2021quarters ending during the Covenant Threshold Adjustment Period2021, such ratio may exceed 0.45 to 1.00 but shall not exceed 0.50 to 1.00 at any time and (ii) for the fiscal quarter period ending September 30, 2021during the third and fourth fiscal quarters ending during the Covenant Threshold Adjustment Period2021, such ratio may exceed 0.45 to 1.00 but shall not exceed 0.475 to 1.00 at any time. Notwithstanding the foregoing, for purposes of calculating the foregoing, (A) for the last full fiscal quarter period of the Covenant Relief Period (which, (x) if the Covenant Relief Period ends pursuant to clause (a) of the definition thereof will be the period for which the Constituent Companies calculated the Specified Financial Covenants in the Covenant Relief Termination Notice and (y) if the Covenant Relief Period ends pursuant to clause (b) of the definition thereof, will be June 30March 3130, 202120222021), Adjusted NOI for purposes of calculating Total Asset Value shall be measured as, at the Parent Guarantor’s election, either (I) Adjusted NOI for the two fiscal quarter period ending on such date multiplied by 2, or (II) Adjusted NOI for the single fiscal quarter ending on such date multiplied by 4; (B) for the fiscal quarter period immediately following the fiscal quarter period described in clause (A), Adjusted NOI shall be measured as, either (I) if for clause (A) above, Adjusted NOI was measured based on clause (A)(I) above, then Adjusted NOI shall be measured as Adjusted NOI for the three fiscal quarter period ending on such date multiplied by 4/3, or (II) if for clause (A) above, Adjusted NOI was measured based on clause (A)(II) above, then Adjusted NOI shall be measured as Adjusted NOI for the two fiscal quarter period ending on such date multiplied by 2; and (C) for the fiscal quarter period immediately following the fiscal quarter period described in clause (B), Adjusted NOI shall be measured as, either (I) if for clause (A) above, Adjusted NOI was measured based on clause (A)(I) above, then Adjusted NOI shall ​ ​ ​ be measured as Adjusted NOI for the four fiscal quarter period ending on such date, or (II) if for clause (A) above, Adjusted NOI was measured based on clause (A)(II) above, then Adjusted NOI shall be measured as Adjusted NOI for the three fiscal quarter period ending on such date multiplied by 4/3.

Maximum Secured Indebtedness Ratio. The Parent Guarantor will not permit the ratio of (1) Secured Indebtedness of the Parent Guarantor and its Subsidiaries determined on a consolidated basis to (2) Total Asset Value to exceed 0.45 to 1.00 at any time; provided that (1) notwithstanding the foregoing, if the Covenant Relief Period ends as specified in clause (b) of the definition thereofThreshold Threshold Adjustment Period is then in effect, (i) forduring during the first two fiscal quarter period ending June 30, 2021quarters quarters ending during the Covenant Threshold Adjustment Period, such ratio may exceed 0.45 to 1.00 but shall not exceed 0.50 to 1.00 at any time and (ii) for the fiscal quarter period ending September 30, 2021during during the third and fourth fiscal quarters ending during the Covenant Threshold Adjustment Period, such ratio may exceed 0.45 to 1.00 but shall not exceed 0.475 to 1.00 at any time. Notwithstanding the foregoing, for purposes of calculating the foregoing, (A) for the last full fiscal quarter period of the Covenant Relief Period (which, (x) if the Covenant Relief Period ends pursuant to clause (a) of the definition thereof will be the period for which the Constituent Companies calculated the Specified Financial Covenants in the Covenant Relief Termination Notice and (y) if the Covenant Relief Period ends pursuant to clause (b) of the definition thereof, will be June 30March 31March 31September 30, 202120222022), Adjusted NOI for purposes of calculating Total Asset Value shall be measured as, at the Parent Guarantor’s election, either (I) Adjusted NOI for the two fiscal quarter period ending on such date multiplied by 2, or (II) Adjusted NOI for the single fiscal quarter ending on such date multiplied by 4; (B) for the fiscal quarter period immediately following the fiscal quarter period described in clause (A), Adjusted NOI shall be measured as, either (I) if for clause (A) above, Adjusted NOI was measured based on clause (A)(I) above, then Adjusted NOI shall be measured as Adjusted NOI for the three fiscal quarter period ending on such date multiplied by 4/3, or (II) if for clause (A) above, Adjusted NOI was measured based on clause (A)(II) above, then Adjusted NOI shall be measured as Adjusted NOI for the two fiscal quarter period ending on such date multiplied by 2; and (C) for the fiscal quarter period immediately following the fiscal quarter period described in clause (B), Adjusted NOI shall be measured as, either (I) if for clause (A) above, Adjusted NOI was measured based on clause (A)(I) above, then Adjusted NOI shall ​ ​ ​ be measured as Adjusted NOI for the four fiscal quarter period ending on such date, or (II) if for clause (A) above, Adjusted NOI was measured based on clause (A)(II) above, then Adjusted NOI shall be measured as Adjusted NOI for the three fiscal quarter period ending on such date multiplied by 4/3.