Maximum Unsecured Leverage Ratio. (A) Other than as set forth in subsection (B) below, maintain at all times a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value less than or equal to 60%; provided, however, that on and after the date of any Unsecured Leverage Ratio Increase Election during any calendar quarter in which the ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value is less than 65%, the Parent Guarantor shall maintain as of each Test Date occurring during the period ending not later than the last day of the third (3rd) consecutive fiscal quarter ending after the date of such Unsecured Leverage Ratio Increase Election, a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value of less than or equal to 65%; provided further that (A) such Unsecured Leverage Ratio Increase Elections may only occur (1) prior to the Initial Maturity Date and (2) not more than two times during the term of the Facilities, (B) such Unsecured Leverage Ratio Increase Elections may not be consecutive and (C) the Applicable Margin shall be at Pricing Level VIII for so long as any Unsecured Leverage Ratio Election is in effect.
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Samples: Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.)
Maximum Unsecured Leverage Ratio. (A) Other than as set forth in subsection (B) below, maintain at all times a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value less than or equal to 60%; provided, however, that on and after the date of any Unsecured Leverage Ratio Increase Election during any calendar quarter in which the ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value is less than 65%, the Parent Guarantor shall maintain as of each Test Date occurring during the period ending not later than the last day of the third (3rd) consecutive fiscal quarter ending after the date of such Unsecured Leverage Ratio Increase Election, a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value of less than or equal to 65%; provided further that (A) such Unsecured Leverage Ratio Increase Elections may only occur (1) prior to the Initial Maturity Date and (2) not more than two times during the term of the Facilities, (B) such Unsecured Leverage Ratio Increase Elections may not be consecutive and (C) the Applicable Margin shall be at Pricing Level VIII VII for so long as any Unsecured Leverage Ratio Election is in effect.
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Maximum Unsecured Leverage Ratio. (A) Other than as set forth in subsection (B) below, maintain at all times a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value less than or equal to 60%; provided, however, that on and after the date of any Unsecured Leverage Ratio Increase Election during any calendar quarter in which the ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value is less than 65%, the Parent Guarantor shall maintain as of each Test Date occurring during the period ending not later than the last day of the third (3rd) consecutive fiscal quarter ending after the date of such Unsecured Leverage Ratio Increase Election, a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value of less than or equal to 65%; provided further that (A) such Unsecured Leverage Ratio Increase Elections may only occur (1) prior to the Initial Maturity Date and (2) not more than two times during the term of the Facilities, (B) such Unsecured Leverage Ratio Increase Elections may not be consecutive and (C) the Applicable Margin shall be at Pricing Level VIII for so long as any Unsecured Leverage Ratio Election is in effect. (B) Maintain (A) as of each Test Date (1) from the first day following the Fifth Amendment PeriodDate through MarchDecember 31, 2023, a ratio of Consolidated Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset Value (the “Unsecured Leverage Ratio”) less than or equal to 65% and (2B) for the second quarter of calendar year 2023 ending June 30, 2023, a ratio of Consolidatedas of each Test Date thereafter an Unsecured Indebtedness of the Parent Guarantor to Unencumbered Asset ValueLeverage Ratio of less than or equal to 62.560%.
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