Ratio of Consolidated Indebtedness to Capitalization. In the case of any Borrower (other than WPZ), such Borrower shall not permit its ratio of (i) Consolidated Indebtedness of such Borrower as of the last day of any fiscal quarter for which financial statements have been delivered pursuant to Section 5.01 (commencing with the fiscal quarter ending June 30, 2011) to (ii) the Consolidated Total Capitalization of such Borrower as of such date to exceed 65%.
Ratio of Consolidated Indebtedness to Capitalization. In the case of any Borrower (other than Xxxxxxxx), such Borrower shall not permit its ratio of (i) Consolidated Indebtedness of such Borrower as of the last day of any fiscal quarter for which financial statements have been delivered pursuant to Section 5.01 to (ii) the Consolidated Total Capitalization of such Borrower as of such date to exceed 0.65:1.00. For purposes of this Section 6.05(b): (A) at any time when no Loans or unreimbursed LC Disbursements are outstanding, the amount of Consolidated Indebtedness shall be reduced by the amount of unrestricted, unencumbered cash and cash equivalents held by the Borrowers and their wholly owned Subsidiaries on their balance sheet (excluding, for the avoidance of doubt, Cash Collateral) and (B) at any time, the amount of Consolidated Indebtedness shall be reduced by the amount of the proceeds of Indebtedness incurred to finance a particular Specified Acquisition (to the extent held as cash and cash equivalents in an escrow or equivalent arrangement and to the extent Xxxxxxxx has provided written notice to the Administrative Agent of such Specified Acquisition and escrow or equivalent arrangement) until the earliest of (x) the consummation of such acquisition and (y) the termination of the applicable acquisition agreement.
