Common use of Maximum Unencumbered Leverage Ratio Clause in Contracts

Maximum Unencumbered Leverage Ratio. The Company shall not permit the ratio (the “Unencumbered Leverage Ratio”) of (i) (x) Unsecured Indebtedness of the Parent minus (y) Unrestricted Cash and Cash Equivalents of the Company and its Subsidiaries in excess of $100,000,000, to (ii) Unencumbered Asset Value to exceed 0.60 to 1.00. Notwithstanding the foregoing, the Company may elect upon delivering written notice to the Administrative Agent, concurrently with or prior to the delivery of a Compliance Certificate for any applicable four-quarter fiscal period pursuant to Section 9.3.(a) and provided that no Default or Event of Default has occurred and is continuing (other than as a result of the Unencumbered Leverage Ratio as of the end of the last fiscal quarter for such fiscal period being greater than 0.60 to 1.00 but less than or equal to 0.65 to 1.00), that the Unencumbered Leverage Ratio may exceed 0.60 to 1.00 but shall in no event exceed 0.65 to 1.00 for such fiscal quarter and the next succeeding fiscal quarter (the “Unencumbered Leverage Increase Period”); provided that (i) the Company may not elect more than three Unencumbered Leverage Increase Periods during the term of this Agreement and (ii) any such Unencumbered Leverage Increase Periods shall be non-consecutive.

Maximum Unencumbered Leverage Ratio. The Company Parent Guarantor and the Borrower shall not permit the ratio (the “Unencumbered Leverage Ratio”) of (i) (x) Unsecured Indebtedness of Ratio to exceed 60.0%; provided, however, that, the Parent minus (y) Unrestricted Cash Guarantor and Cash Equivalents of the Company and its Subsidiaries in excess of $100,000,000Borrower shall have the option, to (ii) Unencumbered Asset Value to exceed 0.60 to 1.00. Notwithstanding the foregoing, the Company may elect upon delivering written notice to the Administrative Agent, concurrently with or prior to the delivery of a Compliance Certificate for any applicable four-quarter fiscal period pursuant to Section 9.3.(a) 9.3 and provided that no Default or Event of Default has occurred and is continuing exists (other than as a result of the Unencumbered Leverage Ratio as of the end of the last fiscal quarter for such fiscal period being greater than 0.60 to 1.00 60.0% but less than or equal to 0.65 to 1.0065.0%), that to increase the maximum Unencumbered Leverage Ratio to 65.0% for a period (such period, the “Unencumbered Leverage Ratio Increase Period”) of up to two (2) consecutive fiscal quarters commencing with the fiscal quarter in which the Borrower completes a Material Acquisition which results in the Unencumbered Leverage Ratio may exceed 0.60 to 1.00 but shall in no event exceed 0.65 to 1.00 for exceeding 60.0% during such fiscal quarter and for the next succeeding subsequent consecutive fiscal quarter (the “Unencumbered Leverage Increase Period”)quarter; provided that (i) the Company Borrower may not elect more than three (3) Unencumbered Leverage Ratio Increase Periods during the term of this Agreement and (ii) any such Unencumbered Leverage Ratio Increase Periods shall be non-consecutive. For the avoidance of doubt, Unencumbered Asset Value does not include any value attributable to properties held by the Excluded FelCor Subsidiaries.

Maximum Unencumbered Leverage Ratio. The Company shall not permit the ratio (the “Unencumbered Leverage Ratio”) of (i) (x) Unsecured Indebtedness of the Parent minus (y) Unrestricted Cash and Cash Equivalents of the Company and its Subsidiaries in excess of $100,000,000, to (ii) Unencumbered Asset Value to exceed 0.60 to 1.00. Notwithstanding the foregoing, the Company may elect upon delivering written notice to the Administrative Agent, concurrently with or prior to the delivery of a Compliance Certificate for any applicable four-quarter fiscal period pursuant to Section 9.3.(a) 9.3. and provided that no Default or Event of Default has occurred and is continuing (other than as a result of the Unencumbered Leverage Ratio as of the end of the last fiscal quarter for such fiscal period being greater than 0.60 to 1.00 but less than or equal to 0.65 to 1.00), that the Unencumbered Leverage Ratio may exceed 0.60 to 1.00 but shall in no event exceed 0.65 to 1.00 for such fiscal quarter and the next succeeding fiscal quarter (the “Unencumbered Leverage Increase Period”); provided that (i) the Company may not elect more than three Unencumbered Leverage Increase Periods during the term of this Agreement and (ii) any such Unencumbered Leverage Increase Periods shall be non-consecutive.

Maximum Unencumbered Leverage Ratio. The Company shall not permit the ratio (the “Unencumbered Leverage Ratio”) of (i) (x) Unsecured Indebtedness of the Parent minus (y) Unrestricted Cash and Cash Equivalents of the Company and its Subsidiaries in excess of $100,000,00050,000,000, to (ii) Unencumbered Asset Value to exceed 0.60 to 1.001.00 as at the end of the most recent Test Period; provided that for purposes of calculating the Unencumbered Leverage Ratio, the contribution to Unencumbered Asset Value attributable to each of the Hotel Properties known as the Hilton New York, the Hilton San Francisco Union Square and the Parc 55 San Francisco shall be determined as the undepreciated GAAP book value of such Hotel Properties for each fiscal quarter ending on or prior to June 30, 2023. Notwithstanding the foregoing, the Company may elect upon delivering written notice to the Administrative Agent, concurrently with or prior to the delivery of a Compliance Certificate for any applicable four-quarter fiscal period pursuant to Section 9.3.(a) 8.3. and provided that no Default or Event of Default has occurred and is continuing (other than as a result of the Unencumbered Leverage Ratio as of the end of the last fiscal quarter for such fiscal period being greater than 0.60 to 1.00 but less than or equal to 0.65 to 1.00), that the Unencumbered Leverage Ratio may exceed 0.60 to 1.00 but shall in no event exceed 0.65 to 1.00 for such fiscal quarter and the next three succeeding fiscal quarter quarters (the “Unencumbered Leverage Increase Period”); provided that (i) the Company may not elect more than three two Unencumbered Leverage Increase Periods during the term of this Agreement and (ii) any such Unencumbered Leverage Increase Periods shall be non-consecutive.

Maximum Unencumbered Leverage Ratio. The Company Parent Guarantor and the Borrower shall not permit the ratio (the “Unencumbered Leverage Ratio”) of Ratio to exceed sixty percent (i) (x) Unsecured Indebtedness of 60%); provided, however, the Parent minus (y) Unrestricted Cash Guarantor and Cash Equivalents of the Company and its Subsidiaries in excess of $100,000,000Borrower shall have the option, to (ii) Unencumbered Asset Value to exceed 0.60 to 1.00. Notwithstanding the foregoing, the Company may elect upon delivering written notice to the Administrative Agent, concurrently with or prior to the delivery of a Compliance Certificate for any applicable four-quarter fiscal period pursuant to Section 9.3.(a) 9.3 and provided that no Default or Event of Default has occurred and is continuing exists (other than as a result of the Unencumbered Leverage Ratio as of the end of the last fiscal quarter for such fiscal period being greater than 0.60 to 1.00 60.0% but less than or equal to 0.65 to 1.0065.0%), that to increase the maximum Unencumbered Leverage Ratio to 65.0% for a period (such period, the “Unencumbered Leverage Ratio Increase Period”) of up to four (4) consecutive fiscal quarters commencing with the fiscal quarter in which the Borrower completes a Material Acquisition which results in the Unencumbered Leverage Ratio may exceed 0.60 to 1.00 but shall in no event exceed 0.65 to 1.00 for exceeding 60.0% during such fiscal quarter and for the next succeeding subsequent three (3) consecutive fiscal quarter (the “Unencumbered Leverage Increase Period”)quarters; provided that (i) the Company Borrower may not elect more than three two (2) Unencumbered Leverage Ratio Increase Periods during the term of this Agreement following the Agreement Date and (ii) any such Unencumbered Leverage Ratio Increase Periods shall be non-consecutive.