Minimum Unencumbered Fixed Charge Coverage Ratio. In the event the Company elects to have an appraisal performed in accordance with the definition of Appraised Value, as provided in the definition of Total Adjusted Asset Value, Holdings and its Subsidiaries shall maintain, at the end of each fiscal quarter to occur after the fiscal quarter in which an Appraised Value from such appraisal was used, a minimum Unencumbered Fixed Charge Coverage Ratio of at least 1.50 to 1.00. For purpose of each of paragraph 6A(3) and paragraph 6A(5), at Holdings’ option, (a) nonrecourse debt of Holdings or its Subsidiaries with respect to Development Real Properties owned by Holdings or such Subsidiary may be excluded from the calculation of Debt (solely for purpose of paragraph 6A(3)) and Priority Debt (solely for purpose of paragraph 6A(5)) and (b) in each case the Applicable Value (as defined below) of the associated Development Real Properties of Holdings or such Subsidiary shall be excluded from the calculation of Total Adjusted Asset Value; provided that: (i) if the amount of such excluded nonrecourse debt exceeds 70% of the book value of the associated Development Real Properties, then Holdings may not elect to exclude the amount of such nonrecourse debt from the calculation of Debt and Priority Debt unless the amount of such excluded nonrecourse debt is equal to or less than 70% of the Appraised Value of the associated Development Real Properties (the book value of the associated Development Real Properties (if the amount of such excluded nonrecourse debt is equal to or less than 70% of the book value of the associated Development Real Properties) or the Appraised Value of the associated Development Real Properties (if the amount of such excluded nonrecourse debt exceeds 70% of the book value of the associated Development Real Properties but is equal to or less than 70% of the Appraised Value of the associated Development Real Properties), as applicable, being referred to as the “Applicable Value”); (ii) the aggregate amount of nonrecourse debt excluded shall not at any time exceed 15% of the consolidated total assets of Holdings and its Subsidiaries (less cash, cash equivalents, marketable securities, goodwill, non-controlling interest and pension assets) in accordance with GAAP for the most recent fiscal quarter with respect to which financial statements are required to be delivered pursuant to paragraph 5A(i) or (ii); and (iii) the exclusion of the Applicable Value of the associated Development Real Properties fro...
Minimum Unencumbered Fixed Charge Coverage Ratio. EBITDA attributable solely to Unencumbered Assets (such EBITDA, “Unencumbered EBITDA”) to be less than one and one-half of one (1.5) times Fixed Charges attributable solely to Unencumbered Assets (such Fixed Charges, “Unencumbered Fixed Charges”) (the ratio derived pursuant to this clause (v), the “Unencumbered Fixed Charge Coverage Ratio”), all for the four (4) fiscal quarters most recently ended. For the purposes of calculating the Unencumbered Fixed Charge Coverage Ratio, Unencumbered EBITDA and Unencumbered Fixed Charges shall exclude general and administrative expenses from any Operating Property that is not an Unencumbered Asset, determined on a pro rata basis based on the number of such Operating Properties that are not Unencumbered Assets.
Minimum Unencumbered Fixed Charge Coverage Ratio. In the event the Borrowers elect, for purpose of (and as provided in) clause (b) of the definition of Total Adjusted Asset Value, to have an appraisal performed to determine the Appraised Value of Agricultural Land which is not leased to third parties, then thereafter, as of the last day of any fiscal quarter, the Borrowers may elect to test the Unencumbered Fixed Charge Coverage Ratio and if such election is made, Holdings and its Subsidiaries shall maintain, as of the last day of such fiscal quarter, a minimum Unencumbered Fixed Charge Coverage Ratio of at least 1.50 to 1.00; provided that for purposes of calculating the minimum Unencumbered Fixed Charge Coverage Ratio, the appraisal, and the Appraised Value reflected therein, shall have been performed, or updated, as applicable, within the last 24 months.
Minimum Unencumbered Fixed Charge Coverage Ratio. In the event the Borrowers elect, for purpose of (and as provided in) clause (b) of the definition of Total Adjusted Asset Value, to have an appraisal performed to determine the Appraised Value of Agricultural Land which is not leased to third parties, then thereafter, if (but only for so long as) such Appraised Value is permitted (by virtue of the requirements for an Appraised Value as set forth in the definition of such term) to be utilized for purposes of determining the value of clause (b) of the definition of Total Adjusted Asset Value at the end of any fiscal quarter, Holdings and its Subsidiaries shall maintain, at the end of such fiscal quarter, a minimum Unencumbered Fixed Charge Coverage Ratio of at least 1.50 to 1.00. Notwithstanding anything to the contrary contained herein, in the event that any of the foregoing financial covenants contained in the RLOC is amended, modified, or supplemented following the Closing Date (a “Revised Financial Covenant”), following Borrower’s request, this Agreement shall be amended to incorporate such Revised Financial Covenant in lieu of the applicable existing financial covenant contained herein subject to the written consent of the Required Lenders; provided, however, that for purposes of determining such Required Lenders’ approval, to the extent (i) any Lender is a lender under the RLOC, and (ii) such Lender consented in writing to such Revised Financial Covenant in its capacity as a lender under the RLOC, then such Lender shall be deemed to have consented under this Agreement to the incorporation of the Revised Financial Covenant hereunder.
Minimum Unencumbered Fixed Charge Coverage Ratio. In the event the Borrower elects to have an appraisal performed in accordance with the definition of Appraised Value, as provided in the definition of Total Adjusted Asset Value, Holdings and its Subsidiaries shall maintain, as of the last day of each fiscal quarter to occur after the fiscal quarter in which an Appraised Value from such appraisal was used, a minimum Unencumbered Fixed Charge Coverage Ratio of at least 1.50 to 1.00.
Minimum Unencumbered Fixed Charge Coverage Ratio. In the event the Borrowers elect, for purpose of (and as provided in) clause (b) of the definition of Total Adjusted Asset Value, to have an appraisal performed to determine the Appraised Value of Agricultural Land which is not leased to third parties, then thereafter, if (but only for so long as) such Appraised Value is permitted (by virtue of the requirements for an Appraised Value as set forth in the definition of such term) to be utilized for purposes of determining the value of clause (b) of the definition of Total Adjusted Asset Value at the end of any fiscal quarter, Holdings and its Subsidiaries shall maintain, at the end of such fiscal quarter, a minimum Unencumbered Fixed Charge Coverage Ratio of at least 1.50 to 1.00.