Ratio of Total Indebtedness to Total Asset Value. The Parent shall not permit the ratio of (i) Total Indebtedness to (ii) Total Asset Value to exceed 0.60 to 1.00 at any time.
Ratio of Total Indebtedness to Total Asset Value. The Parent shall not permit the ratio of (i) Total Indebtedness of the Parent and its Subsidiaries to (ii) Total Asset Value of the Parent and its Subsidiaries (the “Total Leverage Ratio”) to exceed 0.60 to 1.00 at any time; provided, however, that if such ratio is greater than 0.60 to 1.00 but is not greater than 0.65 to 1.00, then the Parent shall be deemed to be in compliance with this Section 10.1(a) so long as (i) the Parent, the Borrower or any of the Subsidiaries of the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect to such Material Acquisition) exceeding 0.60 to 1.00 at any time during the fiscal quarter in which such Material Acquisition took place and during the three subsequent fiscal quarters thereafter, (ii) the Parent has maintained compliance with this Section 10.1(a) in reliance on this proviso not more than two times (inclusive of the then current reliance on this proviso) during the term of this Agreement, and (iii) such ratio (after giving effect to such Material Acquisition) is not greater than 0.65 to 1.00 at any time.
Ratio of Total Indebtedness to Total Asset Value. The Borrower shall not permit the ratio of (i) Total Indebtedness of Spirit REIT and its Subsidiaries to (ii) Total Asset Value to exceed 0.60:1.00 as of the last day of any fiscal quarter.
Ratio of Total Indebtedness to Total Asset Value. The Parent shall not permit the ratio of (i) Total Indebtedness of the Parent and its Subsidiaries to (ii) Total Asset Value to exceed 0.60 to 1.00 at any time; provided, however, that if such ratio is greater than 0.60 to 1.00 but is not greater than 0.65 to 1.00, then the Borrower shall be deemed to be in compliance with this subsection (a) so long as (i) the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect to such Material Acquisition) exceeding 0.60 to 1.00 at any time during the fiscal quarter in which such Material Acquisition took place and for any three subsequent consecutive fiscal quarters, and (ii) such ratio (after giving effect to such Material Acquisition) is not greater than 0.65 to 1.00 at any time. For purposes of calculating such ratio, (A) Total Indebtedness shall be adjusted by deducting therefrom the amount of unrestricted cash and Cash Equivalents of the Borrower and its Subsidiaries to the extent that there is an equivalent amount of Indebtedness included in Total Indebtedness that matures within twenty-four (24) months (or with respect to Mandatorily Redeemable Stock included in Total Indebtedness that is redeemable within twenty-four (24) months) from the applicable date of the calculation of such ratio, and (B) Total Asset Value shall be adjusted by deducting therefrom the amount by which Total Indebtedness is adjusted pursuant to the immediately preceding clause (A) above.
Ratio of Total Indebtedness to Total Asset Value. The Parent and the Borrower shall not permit the ratio of (i) Total Indebtedness of the Parent and its Subsidiaries to (ii) Total Asset Value to exceed at any time (x) 0.65 to 1.00 for the period from the Effective Date through and including December 31, 2015 and (y) 0.60 to 1.00 at any time thereafter; provided, that, from and after the Collateral Release Event, the Parent and the Borrower shall not permit the ratio of (i) Total Indebtedness of the Parent and its Subsidiaries to (ii) Total Asset Value to exceed 0.60 to 1.00 at any time.
Ratio of Total Indebtedness to Total Asset Value. The Parent shall not permit the ratio of (i) Total Indebtedness to (ii) Total Asset Value to exceed 0.60 to 1.00 at any time. For the purpose of calculating the ratio of Total Indebtedness to Total Asset Value, (A) Total Indebtedness shall be adjusted by deducting therefrom an amount equal to the lesser of (1) the amount by which Unrestricted Cash exceeds $20,000,000 and (2) the amount of Total Indebtedness that by its terms is scheduled to mature within twenty-four (24) months from the date of such calculation, and (B) Total Asset Value shall be adjusted by deducting therefrom the amount by which Total Indebtedness is adjusted under the preceding clause (A).
Ratio of Total Indebtedness to Total Asset Value. The Borrower shall not permit the ratio of (i) Total Indebtedness of Spirit REIT and its Subsidiaries to (ii) Total Asset Value (the “Total Leverage Ratio”) to exceed 0.60 to 1.00 as of the last day of any fiscal quarter. Notwithstanding the foregoing, the Borrower shall have the option, exercisable two times during the term of this Agreement, to elect that the Total Leverage Ratio may exceed 0.60 to 1.00 for any fiscal quarter in which the Borrower or one of its Subsidiaries completes a Material Acquisition and the immediately subsequent three fiscal quarters so long as (1) the Borrower has delivered a written notice to the Administrative Agent that the Borrower is exercising its option under this subsection (a) and (2) such ratio does not exceed 0.65 to 1.00 at the end of the fiscal quarter for which such election has been made and the immediately subsequent three fiscal quarters.
Ratio of Total Indebtedness to Total Asset Value. The ratio of Total Indebtedness to Total Asset Value will not at any time exceed 50%. For the purposes of determining compliance with such covenant, indebtedness of a Qualified SPE attributable to Qualified Senior Notes shall be excluded and Qualified Installment Sale Notes shall not be included in determinations of Total Asset Value.
Ratio of Total Indebtedness to Total Asset Value. The Parent shall not permit the Leverage Ratio to exceed 0.60 to 1.00 at any time; provided, however, that if the Leverage Ratio is greater than 0.60 to 1.00 but is not greater than 0.65 to 1.00, then the Parent shall be deemed to be in compliance with this subsection (a) so long as (i) the Parent completed a Material Acquisition which results in the Leverage Ratio (after giving effect to such Material Acquisition) exceeding 0.60 to 1.00, (ii) the Leverage Ratio (after giving effect to such Material Acquisition) does not exceed 0.60 to 1.00 on the ninety-first day following the date on which such Material Acquisition was completed, (iii) the Borrower has not maintained compliance with this subsection (a) in reliance on this proviso more than two times during the term of this Agreement and (iv) the Leverage Ratio (after giving effect to such Material Acquisition) is not greater than 0.65 to 1.00 at any time.
Ratio of Total Indebtedness to Total Asset Value. The Borrower shall not permit the ratio of (i) Total Indebtedness of Spirit REIT and its Subsidiaries to (ii) Total Asset Value to exceed 0.60:1.00 as of the last day of any fiscal quarter; provided that upon notice from the Borrower at any time during the ninety (90) days after the consummation of any Material Acquisition, such ratio may exceed 0.60:1.00 (but not 0.65:1.00) for the four consecutive fiscal quarters ending after the date of such Material Acquisition; provided, further, that if the foregoing proviso becomes applicable, then such ratio may not subsequently exceed 0.60:1.00 as a result - 72 - of another Material Acquisition until it has been equal to or less than 0.60:1.00 as of the last day of at least one fiscal quarter.
