Minimum Unsecured Interest Expense Coverage Ratio. The Parent shall not permit the ratio of (i) Adjusted NOI to (ii) Unsecured Interest Expense of Parent and its Subsidiaries to be less than 2.00 to 1.00 at any time.; provided, however, that notwithstanding the foregoing if the Covenant Relief Period ends as specified in clause (ii) of the definition thereof then (A) for the fiscal quarter period ending June 30, 2021, the ratio of Adjusted NOI to Unsecured Interest Expense may be less than 2.00 to 1.00 but shall not be less than 1.50 to 1.00 at any time and (B) for the fiscal quarter period ending September 30, 2021, the ratio of Adjusted NOI to Unsecured Interest Expense may be less than 2.00 to 1.00 but shall not be less than 1.75 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 (i) of the definition thereof will be the period for which the Borrower calculated the Financial Covenants in the Covenant Relief Termination Notice and (y) if the Covenant Relief Period ends pursuant to clause (ii) of the definition thereof, will be June 30, 2021), Adjusted NOI and Unsecured Interest Expense shall be measured as, at Borrower’s election, either (I) Adjusted NOI and Unsecured Interest Expense for the two fiscal quarter period ending on such date multiplied by 2, or (II) Adjusted NOI and Unsecured Interest Expense 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 and Unsecured Interest Expense shall be measured as, either (I) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (I) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the three fiscal quarter period ending on such date multiplied by 4/3, or (II) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (II) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense 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 and Unsecured Interest Expense shall be measured as, either (I) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (I) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the four fiscal quarter period ending on such date, or (II) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (II) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the three fiscal quarter period ending on such date multiplied by 4/3.
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Minimum Unsecured Interest Expense Coverage Ratio. The Parent shall not permit the ratio of (i) Adjusted NOI to (ii) Unsecured Interest Expense of Parent and its Subsidiaries to be less than 2.00 to 1.00 at any time.; provided, however, that notwithstanding the foregoing if the Covenant Relief Period ends as specified in clause (ii) of the definition thereof then foregoing, (A) for during the first two fiscal quarter period quarters ending June 30during the Covenant Threshold Adjustment Period, 2021if then in effect, the ratio of Adjusted NOI to Unsecured Interest Expense may be less than 2.00 to 1.00 but shall not be less than 1.50 1.65 to 1.00 at any time and (B) for during the second twothird, fourth and fifth fiscal quarter period quarters ending September 30during the Covenant Threshold Adjustment Period, 2021if then in effect, the ratio of Adjusted NOI to Unsecured Interest Expense may be less than 2.00 to 1.00 but shall not be less than 1.75 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 (i) of the definition thereof will be the period for which the Borrower calculated the Financial Covenants in the Covenant Relief Termination Notice and (y) if the Covenant Relief Period ends pursuant to clause (ii) of the definition thereof, will be June March 31September 30, 20212022), Adjusted NOI and Unsecured Interest Expense shall be measured as, at Borrower’s election, either (I) Adjusted NOI and Unsecured Interest Expense for the two fiscal quarter period ending on such date multiplied by 2, or (II) Adjusted NOI and Unsecured Interest Expense 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 and Unsecured Interest Expense shall be measured as, either (I) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (I) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the three fiscal quarter period ending on such date multiplied by 4/3, or (II) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (II) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense 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 and Unsecured Interest Expense shall be measured as, either (I) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (I) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the four fiscal quarter period ending on such date, or (II) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (II) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the three fiscal quarter period ending on such date multiplied by 4/3. .
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Minimum Unsecured Interest Expense Coverage Ratio. The Parent shall not permit the ratio of (i) Adjusted NOI to (ii) Unsecured Interest Expense of Parent and its Subsidiaries to be less than 2.00 to 1.00 at any time.; provided, however, that notwithstanding the foregoing if the Covenant Relief Period ends as specified in clause (ii) of the definition thereof then foregoing, (A) for during the first two fiscal quarter period quarters ending June 30during the Covenant Threshold Adjustment Period, 2021if then in effect, the ratio of Adjusted NOI to Unsecured Interest Expense may be less than 2.00 to 1.00 but shall not be less than 1.50 1.65 to 1.00 at any time and (B) for during the second two fiscal quarter period quarters ending September 30during the Covenant Threshold Adjustment Period, 2021if then in effect, the ratio of Adjusted NOI to Unsecured Interest Expense may be less than 2.00 to 1.00 but shall not be less than 1.75 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 (i) of the definition thereof will be the period for which the Borrower calculated the Financial Covenants in the Covenant Relief Termination Notice and (y) if the Covenant Relief Period ends pursuant to clause (ii) of the definition thereof, will be June 30March 31, 20212022), Adjusted NOI and Unsecured Interest Expense shall be measured as, at Borrower’s election, either (I) Adjusted NOI and Unsecured Interest Expense for the two fiscal quarter period ending on such date multiplied by 2, or (II) Adjusted NOI and Unsecured Interest Expense 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 and Unsecured Interest Expense shall be measured as, either (I) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (I) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the three fiscal quarter period ending on such date multiplied by 4/3, or (II) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (II) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense 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 and Unsecured Interest Expense shall be measured as, either (I) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (I) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the four fiscal quarter period ending on such date, or (II) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (II) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the three fiscal quarter period ending on such date multiplied by 4/3.
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Minimum Unsecured Interest Expense Coverage Ratio. The Parent shall not permit the ratio of (i) Adjusted NOI to (ii) Unsecured Interest Expense of Parent and its Subsidiaries to be less than 2.00 to 1.00 at any time.; provided, however, that notwithstanding the foregoing if the Covenant Relief Period ends as specified in clause (ii) of the definition thereof then (A) for the fiscal quarter period ending June 30, 2021, (A) during the first two fiscal quarters ending during the Covenant Threshold Adjustment Period, if then in effect, the ratio of Adjusted NOI to Unsecured Interest Expense may be less than 2.00 to 1.00 but shall not be less than 1.50 1.501.65 to 1.00 at any time and (B) for the fiscal quarter period ending September 30, 20212021during the second two fiscal quarters ending during the Covenant Threshold Adjustment Period, if then in effect, the ratio of Adjusted NOI to Unsecured Interest Expense may be less than 2.00 to 1.00 but shall not be less than 1.75 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 (i) of the definition thereof will be the period for which the Borrower calculated the Financial Covenants in the Covenant Relief Termination Notice and (y) if the Covenant Relief Period ends pursuant to clause (ii) of the definition thereof, will be June 3030March 31, 202120212022), Adjusted NOI and Unsecured Interest Expense shall be measured as, at Borrower’s election, either (I) Adjusted NOI and Unsecured Interest Expense for the two fiscal quarter period ending on such date multiplied by 2, or (II) Adjusted NOI and Unsecured Interest Expense 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 and Unsecured Interest Expense shall be measured as, either (I) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (I) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the three fiscal quarter period ending on such date multiplied by 4/3, or (II) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (II) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense 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 and Unsecured Interest Expense shall be measured as, either (I) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (I) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the four fiscal quarter period ending on such date, or (II) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (II) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the three fiscal quarter period ending on such date multiplied by 4/3.
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Minimum Unsecured Interest Expense Coverage Ratio. The Parent shall not permit the ratio of (i) Adjusted NOI to (ii) Unsecured Interest Expense of Parent and its Subsidiaries to be less than 2.00 to 1.00 at any time.; provided, however, that notwithstanding the foregoing if the Covenant Relief Period ends as specified in clause (ii) of the definition thereof then (A) for the fiscal quarter period ending June 30, 2021, the ratio of Adjusted NOI to Unsecured Interest Expense may be less than 2.00 to 1.00 but shall not be less than 1.50 to 1.00 at any time and (B) for the fiscal quarter period ending September 30, 2021, the ratio of Adjusted NOI to Unsecured Interest Expense may be less than 2.00 to 1.00 but shall not be less than 1.75 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 (i) of the definition thereof will be the period for which the Borrower calculated the Financial Covenants in the Covenant Relief Termination Notice and (y) if the Covenant Relief Period ends pursuant to clause (ii) of the definition thereof, will be June 30, 2021), Adjusted NOI and Unsecured Interest Expense shall be measured as, at Borrower’s election, either (I) Adjusted NOI and Unsecured Interest Expense for the two fiscal quarter period ending on such date multiplied by 2, or (II) Adjusted NOI and Unsecured Interest Expense 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 and Unsecured Interest Expense shall be measured as, either (I) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (I) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the three fiscal quarter period ending on such date multiplied by 4/3, or (II) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (II) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense 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 and Unsecured Interest Expense shall be measured as, either (I) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (I) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the four fiscal quarter period ending on such date, or (II) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (II) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the three fiscal quarter period ending on such date multiplied by 4/3.
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Minimum Unsecured Interest Expense Coverage Ratio. The Parent shall not permit the ratio of (i) Adjusted NOI to (ii) Unsecured Interest Expense of Parent and its Subsidiaries to be less than 2.00 to 1.00 at any time.; provided, however, that notwithstanding the foregoing if the Covenant Relief Period ends as specified in clause (ii) of the definition thereof then foregoing, (A) for during the first two fiscal quarter period quarters ending June 30during the Covenant Threshold Adjustment Period, 2021if then in effect, the ratio of Adjusted NOI to Unsecured Interest Expense may be less than 2.00 to 1.00 but shall not be less than 1.50 1.65 to 1.00 at any time and (B) for during the third, fourth and fifth fiscal quarter period quarters ending September 30during the Covenant Threshold Adjustment Period, 2021if then in effect, the ratio of Adjusted NOI to Unsecured Interest Expense may be less than 2.00 to 1.00 but shall not be less than 1.75 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 (i) of the definition thereof will be the period for which the Borrower calculated the Financial Covenants in the Covenant Relief Termination Notice and (y) if the Covenant Relief Period ends pursuant to clause (ii) of the definition thereof, will be June September 30, 20212022), Adjusted NOI and Unsecured Interest Expense shall be measured as, at Borrower’s election, either (I) Adjusted NOI and Unsecured Interest Expense for the two fiscal quarter period ending on such date multiplied by 2, or (II) Adjusted NOI and Unsecured Interest Expense 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 and Unsecured Interest Expense shall be measured as, either (I) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (I) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the three fiscal quarter period ending on such date multiplied by 4/3, or (II) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (II) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense 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 and Unsecured Interest Expense shall be measured as, either (I) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (I) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the four fiscal quarter period ending on such date, or (II) if for clause (A) above, Adjusted NOI and Unsecured Interest Expense was measured based on sub-clause (II) thereof, then Adjusted NOI and Unsecured Interest Expense shall be measured as Adjusted NOI and Unsecured Interest Expense for the three fiscal quarter period ending on such date multiplied by 4/3. .
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