Mortgaged Property Operating Clause Samples

Mortgaged Property Operating. Cash FlowThe Borrower will not permit the sum of (a) the quotient obtained by dividing the combined Operating Cash Flow with respect to the Mortgaged Properties for the period covered by the four (4) previous consecutive fiscal quarters (treated as a single accounting period) by 1.5, to be less than the Pro Forma Debt Service Charges for such period, provided that for purposes of determining compliance with this covenant prior to such time as the Borrower has owned and operated a Mortgaged Property for four (4) full fiscal quarters, the Operating Cash Flow with respect to such Mortgaged Property for the number of full fiscal quarters which the Borrower has owned and operated such Mortgaged Property as annualized shall be utilized. For the purpose of calculating Operating Cash Flow under this Section 9.5 for any Mortgaged Property, the Operating Cash Flow Rental Adjustment shall be applied to any Mortgaged Property affected by any of the events described in the definition of Operating Cash Flow Rental Adjustment.