Common use of Maximum Unencumbered Leverage Ratio Clause in Contracts

Maximum Unencumbered Leverage Ratio. The Parent shall not permit the ratio of (i)Unsecured Indebtedness of the Parent and its Subsidiaries determined on a consolidated basis to (ii) Unencumbered Asset Value to exceed 0.60 to 1.00 at any time; provided, however, that the Parent shall have the option, exercisable one time, to elect that such ratio may exceed 0.60 to 1.00 for a period (such period, the “Unencumbered Leverage Ratio Surge Period”) of up to four consecutive fiscal quarters commencing with the fiscal quarter during which the Borrower delivers the notice referred to below so long as (i) the Borrower has delivered a written notice to the Administrative Agent that the Borrower is exercising its option under this subsection (d), (ii) such ratio does not exceed 0.65 to 1.00 at any time during the Unencumbered Leverage Ratio Surge Period and (iii) the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect to such Material Acquisition) exceeding 0.60 to 1.00 at any time during the fiscal quarter in which such Material Acquisition took place or the immediately following fiscal quarter.

Maximum Unencumbered Leverage Ratio. The Parent shall not permit the ratio of (i)Unsecured Indebtedness of the Parent and its Subsidiaries determined on a consolidated basis to (ii) Unencumbered Asset Value to exceed 0.60 to 1.00 at any time; provided, however, that the Parent shall have the option, exercisable one time, to elect that such ratio may exceed 0.60 to 1.00 for a period (such period, the “Unencumbered Leverage Ratio Surge Period”) of up to four consecutive fiscal quarters commencing with the fiscal quarter during which the Borrower delivers the notice referred to below so long as (i) the Borrower has delivered a written notice to the Administrative Agent that the Borrower is exercising its option under this subsection (d), (ii) such ratio does not exceed 0.65 to 1.00 at any time during the Unencumbered Leverage Ratio Surge Period and (iii) the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect to such Material Acquisition) exceeding 0.60 to 1.00 at any time during the fiscal quarter in which such Material Acquisition took place or the immediately following fiscal quarter.. ​ ​

Maximum Unencumbered Leverage Ratio. The Parent shall not permit the ratio of (i)Unsecured i) Unsecured Indebtedness of the Parent and its Subsidiaries determined on a consolidated basis to (ii) Unencumbered Asset Value to exceed 0.60 to 1.00 at any time; provided, however, that the Parent shall have the option, exercisable one time, to elect that such ratio may exceed 0.60 to 1.00 for a period (such period, the “Unencumbered Leverage Ratio Surge Period”) of up to four consecutive fiscal quarters commencing with the fiscal quarter during which the Borrower delivers the notice referred to below so long as (i) the Borrower has delivered a written notice to the Administrative Agent that the Borrower is exercising its option under this subsection (d), (ii) such ratio does not exceed 0.65 to 1.00 at any time during the Unencumbered Leverage Ratio Surge Period and (iii) the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect to such Material Acquisition) exceeding 0.60 to 1.00 at any time during the fiscal quarter in which such Material Acquisition took place or the immediately following fiscal quarter.