Portfolio Coverage Ratio. Tenant shall maintain, as of the end of each fiscal quarter commencing with the fiscal quarter ending on June 30, 2004, a Portfolio Coverage Ratio of not less than 1.10 to 1.00. For periods prior to the Commencement Date, in order to determine the Portfolio Coverage Ratio, the actual (not annualized) Cash Flow for the Portfolio for such periods shall be used and the Fixed Rent for the Portfolio shall be assumed to be the Fixed Rent for the first Lease Year prorated over the applicable period and shall not include actual debt service payments for such periods. It shall be an Event of Default under this Lease if Tenant shall fail to maintain as of the end of each fiscal quarter a Portfolio Coverage Ratio of not less than 1.10 to 1.00, provided, however, that it shall not be an Event of Default hereunder, if (i) the Portfolio Coverage Ratio is greater than or equal to 1.00 to 1.00, and (ii) within fifteen (15) days following the date on which Tenant was required to deliver its computation of the Portfolio Coverage Ratio for such fiscal quarter, Tenant deposits with Landlord cash or a Letter of Credit in an amount that, had such amount been added to the Cash Flow for such 12-month period, the Portfolio Coverage Ratio for such period would have been equal to 1.10 to 1.00 (the "DIFFERENCE"). The Difference will be held by Landlord as an addition to the Security Deposit and applied, held and returned by Landlord in accordance with the provisions of SECTION 3.4. Notwithstanding the foregoing, Tenant shall have the ability to cure a breach of the Portfolio Coverage Ratio by depositing the Difference no more than five (5) times during the Term of this Lease.
Portfolio Coverage Ratio. Tenant shall maintain for each fiscal quarter a Portfolio Coverage Ratio of not less than 1.25 to 1.00.
Portfolio Coverage Ratio. As of the last day of each Test Period, commencing with the calendar quarter ending December 31, 2015, the Portfolio Coverage Ratio shall not be less than 2.2 to 1.0.
Portfolio Coverage Ratio. Tenant shall maintain for each fiscal quarter for the year set forth below a Portfolio Coverage Ratio of not less than the following:
Portfolio Coverage Ratio. Tenant shall maintain, for each twelve (12) month period ending at the end of a fiscal quarter of Tenant (each such 12 month period ending as aforesaid, a “Test Period”), a Portfolio Coverage Ratio of not less than:
Portfolio Coverage Ratio. Notwithstanding Section 6.12.1 of the Lease, Landlord and Tenant agree that (i) it shall not be an Event of Default if, as of any Testing Date during the Seasoning Period (defined below) (but not any Testing Date after the Seasoning Period (defined below)), Tenant fails to maintain a Portfolio Coverage Ratio that is equal to or greater than the Minimum Rent Coverage Ratio and (ii) Tenant shall not be required to deposit the Additional Deposit if, as of any Testing Date during the Seasoning Period (but not any Testing Date after the Seasoning Period), Tenant fails to maintain a Portfolio Coverage Ratio that is equal to or greater than the Minimum Rent Coverage Ratio, so long as any such Portfolio Coverage Ratio is equal to or greater than 1.00 to 1.00. It shall be an immediate Event of Default if as of any Testing Date (whether before, during, or after the Seasoning Period) Tenant fails to maintain a Portfolio Coverage Ratio equal to or greater than 1.00 to 1.00. As used in this Third Amendment, “Seasoning Period” shall mean the period commencing as of the Commencement Date and expiring on September 30, 2018.
Portfolio Coverage Ratio. Section 8(k) of the Lease Guaranty is hereby deleted in its entirety and replaced with the following: If Tenants shall fail to maintain as of the end of each fiscal quarter a Portfolio Coverage Ratio (as defined below) of not less than 1.10 to
Portfolio Coverage Ratio. Tenant shall maintain, for each Test Period, a Portfolio Coverage Ratio of not less than 1.1 to 1.0; provided, however, that, (i) for each Test Period that ends during the First Lease Year, the Portfolio Coverage Ratio shall be not less than 0.8 to 1.0, (ii) for each Test Period that ends during the second Lease Year, the Portfolio Coverage Ratio shall be not less than 0.9 to 1.0 and (iii) for each Test Period that ends during the third Lease Year, the Portfolio Coverage Ratio shall be not less than 1.0 to 1.0. If Tenant fails to maintain a Coverage Ratio and/or Portfolio Coverage Ratio that satisfy(ies) the above referenced requirements for a particular Test Period, Tenant shall not be considered in default of this Section 8.2.5 provided and on the condition that all of the following conditions and requirements are met:
Portfolio Coverage Ratio. Section 15.7.2 of the Lease is hereby deleted in its entirety and substituted with the following: Tenant shall maintain for each fiscal quarter for the year set forth below a Portfolio Coverage Ratio of not less than the following:
