Ratio of Unencumbered Adjusted NOI to Unsecured Interest Expense Sample Clauses

Ratio of Unencumbered Adjusted NOI to Unsecured Interest Expense. The Parent Guarantor and the Borrower shall not permit the ratio of (i) Unencumbered Adjusted NOI for any period of four (4) fiscal quarters to (ii) Unsecured Interest Expense on a consolidated basis for such period to be less than 2.00 to 1.00.
Sample 1Sample 2Sample 3See All (22)
AutoNDA by SimpleDocs
Ratio of Unencumbered Adjusted NOI to Unsecured Interest Expense. The Company shall not permit the ratio of (i) Unencumbered Adjusted NOI for any Test Period to (ii) Unsecured Interest Expense of the Parent for such period to be less than (x) 1.75 to 1.00 as at the end of the final fiscal quarter occurring during the Covenant Relief Period (which shall in no event be later than the fiscal quarter ending June 30March 31, 20212022) and the next three (3) fiscal quarterquarters thereafter; and (y) 2.00 to 1.00 thereafter.
Sample 1See All (5)
Ratio of Unencumbered Adjusted NOI to Unsecured Interest Expense. The Parent Guarantor and the Borrower shall not permit the ratio of (i) Unencumbered Adjusted NOI for any period of four (4) fiscal quarters to (ii) Unsecured Interest Expense of the Parent Guarantor and its Subsidiaries (other than the Excluded FelCor Subsidiaries) on a consolidated basis for such period to be less than 2.00 to 1.00. For the avoidance of doubt, Unencumbered Adjusted NOI does not include any income attributable to properties held by the Excluded FelCor Subsidiaries.
Sample 1Sample 2Sample 3See All (4)
Ratio of Unencumbered Adjusted NOI to Unsecured Interest Expense. The Parent Guarantor and the Borrower shall not permit the ratio of (i) Unencumbered Adjusted NOI for any period of four (4) fiscal quarters to (ii) Unsecured Interest Expense of the Parent Guarantor and its Subsidiaries (other than the Excluded FelCor Subsidiaries) on a consolidated basis for such period to be less than the ratio set forth beside the applicable test date in the below table: Test Date Ratio In respect of any other test date prior to the fiscal quarter of the Parent Guarantor ending on March 31, 2020 2.00 to 1.00 In respect of the fiscal quarter of the Parent Guarantor ending on March 31, 2020 1.50 to 1.00 In respect of the test date occurring as of the end of the earlier of (i) the fiscal quarter of the Parent Guarantor ending on June 30, 2021 or (ii) the first fiscal quarter of the Parent Guarantor following the Covenant Relief Period Termination Date 1.65 to 1.00 Test Date Ratio In respect of the test date occurring as of the end of the earlier of (i) the fiscal quarter of the Parent Guarantor ending on September 30, 2021 or (ii) the second fiscal quarter of the Parent Guarantor date following the Covenant Relief Period Termination Date 1.65 to 1.00 In respect of the test date occurring as of the end of the earlier of (i) the fiscal quarter of the Parent Guarantor ending on December 31, 2021 or (ii) the third fiscal quarter of the Parent Guarantor following the Covenant Relief Period Termination Date 1.65 to 1.00 In respect of the test date occurring as of the end of the earlier of (i) the fiscal quarter of the Parent Guarantor ending on March 31, 2022 or (ii) the fourth fiscal quarter of the Parent Guarantor following the Covenant Relief Period Termination Date 2.00 to 1.00 For each of the test date occurring as of the end of the fiscal quarter of the Parent Guarantor thereafter 2.00 to 1.00 For the avoidance of doubt, Unencumbered Adjusted NOI does not include any income attributable to properties held by the Excluded FelCor Subsidiaries.
Sample 1See All (4)
Ratio of Unencumbered Adjusted NOI to Unsecured Interest Expense. The Company shall not permit the ratio of (i) Unencumbered Adjusted NOI for any Test Period to (ii) Unsecured Interest Expense of the Parent for such period to be less than (x) 1.50 to 1.00 as at the end of the Test Periods ending December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 and December 31, 2023; and (y) 1.75 to 1.00 thereafter. (f) Dividend Payout/Distribution. The Parent, the Company and its Subsidiaries will not declare or make any distributions or other Restricted Payments except that, subject to the last sentence of this paragraph (f): (i) the Company may pay cash dividends or distributions to the Parent and other holders of limited liability company interests in the Company with respect to any period of four (4) fiscal quarters to the extent necessary for the Parent to distribute, and the Parent may so distribute, cash dividends or distributions to its shareholders in an aggregate amount not to exceed the greatest of (x) 95% of Adjusted Funds From Operations, (y) the amount reasonably estimated to be required for the Parent to maintain its status as a REIT (including the right to distribute 100% of net capital gain) under Sections 856 through 860 of the Internal Revenue Code, and (z) the amount reasonably estimated to be necessary for the Parent to avoid income or excise tax under the Internal Revenue Code; provided, however, there shall not be any implied requirement that the Company utilize the dividend deferral options in Section 857(b)(9) or Section 858(a) of the Internal Revenue Code; (ii) the Company or any other Subsidiary of the Company may make purchases of Equity Interests in any Subsidiary or Unconsolidated Affiliate of the Company or of any of its Subsidiaries that are held by any other Person; (iii) Subsidiaries of the Parent (excluding the Company, so long as any Parent Entity is not a Guarantor, but including all Subsidiaries of the Company) may make Restricted Payments to any Person owning Equity Interests in such Subsidiary ratably in accordance with the interest held - 121 - by such Person or otherwise as may be required pursuant to the organizational documents of such Subsidiary; (iv) the Company may redeem, or otherwise purchase for cash, limited liability company interests in the Company (or may distribute cash to the Parent or another Parent Entity which may also effect such a redemption or cash purchase); (v) if the Company would be in compliance, on a pro forma basis, with the covenants contained in Se...
Sample 1
Ratio of Unencumbered Adjusted NOI to Unsecured Interest Expense. The Parent and the Borrower shall not permit the ratio of (i) the sum of (x) Unencumbered Adjusted NOI for any period of twelve consecutive calendar months plus (y) Unencumbered Management EBITDA to (ii) Unsecured Interest Expense of the Parent and its Subsidiaries for such period of twelve consecutive calendar months, to be less than 1.75 to 1.00 as of the last day of such period of twelve consecutive calendar months.
Sample 1

Related to Ratio of Unencumbered Adjusted NOI to Unsecured Interest Expense

  • Minimum Consolidated Interest Coverage Ratio Permit the Consolidated Interest Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than 3.25 to 1.00.

  • Consolidated Net Leverage Ratio Permit the Consolidated Net Leverage Ratio as of the end of any fiscal quarter of the Borrower to be greater than 4.50:1.00.

  • Consolidated Total Net Leverage Ratio Permit the Consolidated Total Net Leverage Ratio on the last day of any fiscal quarter occurring during any period set forth below, to be greater than the ratio set forth below opposite such period: Period Maximum Consolidated Total Net Leverage Ratio Closing Date through and including September 30, 2014 7.25:1.00 December 31, 2014 through and including September 30, 2015 6.75:1.00 December 31, 2015 and thereafter 6.50:1.00

  • Consolidated Interest Coverage Ratio Permit the Consolidated Interest Coverage Ratio as of the end of any fiscal quarter of the Borrower to be less than 3.00 to 1.00.

  • Maximum Consolidated Total Leverage Ratio Permit the Consolidated Total Leverage Ratio of the Borrower and its Consolidated Subsidiaries at any time during any consecutive four fiscal quarter period to be greater than (i) 3.75 to 1.00 during any such period ending on or before March 31, 2012, or (ii) 3.50 to 1.00 during any period thereafter.

  • Maximum Unencumbered Leverage Ratio As of the last day of any fiscal quarter, the Unencumbered Leverage Ratio to exceed sixty percent (60%); provided that, if any Material Acquisition shall occur and the Unencumbered Leverage Ratio shall have been less than sixty percent (60%) for at least one full fiscal quarter immediately preceding the proposed Unencumbered Leverage Ratio Covenant Holiday, then, at the election of the Borrower upon delivery of prior written notice to the Administrative Agent, concurrently with or prior to the delivery of a Compliance Certificate pursuant to Section 7.02(a), and provided that no Default or Event of Default shall have occurred and be continuing, the maximum Unencumbered Leverage Ratio covenant level shall be increased to sixty-five (65%) for the fiscal quarter in which such Material Acquisition is consummated and the three (3) fiscal quarters immediately following the fiscal quarter in which such Material Acquisition is consummated (any such increase an “Unencumbered Leverage Ratio Covenant Holiday”); provided further that not more than two (2) Unencumbered Leverage Ratio Covenant Holidays may be elected by the Borrower during the term of this Agreement;

  • Consolidated Leverage Ratio Permit the Consolidated Leverage Ratio as of the end of any fiscal quarter of the Borrower to be greater than 2.50 to 1.0.

Time is Money Join Law Insider Premium to draft better contracts faster.