Unencumbered Asset Pool Debt Yield Sample Clauses

Unencumbered Asset Pool Debt Yield. The quotient of (a) Adjusted Net Operating Income of the Unencumbered Asset Pool divided by (b) the sum of (i) Consolidated Total Unsecured Debt plus (ii) all Capitalized Lease Obligations of Borrower and its Subsidiaries with respect to any of the Unencumbered Asset Pool Properties, expressed as a percentage. For the purposes of calculating Unencumbered Asset Pool Debt Yield, when calculating Adjusted Net Operating Income for Unencumbered Asset Pool Properties not owned and operated by the Borrower or a Guarantor for two (2) full fiscal quarters, the Adjusted Net Operating Income attributable to such Unencumbered Asset Pool Properties shall be calculated by using the actual historical results for such Unencumbered Asset Pool Properties (x) for the two (2) full fiscal quarters most recently ended as if the Unencumbered Asset Pool Properties had been owned by the Borrower or a Guarantor during such period; provided, however, to the extent actual historical Adjusted Net Operating Income attributable to such Unencumbered Asset Pool Properties is unavailable, the Borrower may include such calculation of Adjusted Net Operating Income attributable to such Unencumbered Asset Pool Properties calculated on a proforma basis, so long as the Agent shall have given its prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. Additionally, for Unencumbered Asset Pool Properties that have been disposed of during the period of two fiscal quarters most recently ended, the Adjusted Net Operating Income attributable to such Unencumbered Asset Pool Properties shall be excluded from the calculation of Adjusted Net Operating Income. For purposes of this definition, to the extent that Adjusted Net Operating Income attributable to (i) Unencumbered Asset Pool Properties which are Leased Properties (excluding any Tax Driven Lease) would exceed ten percent (10%) of the Adjusted Net Operating Income, (ii) Unencumbered Asset Pool Properties which are on Ground Leases (excluding any Tax Driven Lease) would exceed twenty percent (20%) of the Adjusted Net Operating Income, (iii) Unencumbered Asset Pool Properties which are Development Properties would exceed twenty-five percent (25%) of the Adjusted Net Operating Income, (iv) Unencumbered Asset Pool Properties which are International Investments would exceed seven and one-half (7.5%) of Adjusted Net Operating Income, or (v) Unencumbered Asset Pool Properties which are Leased Properties, Ground Leas...
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Related to Unencumbered Asset Pool Debt Yield

  • Unencumbered Assets As of the Agreement Date, Schedule 6.1(y) is a correct and complete list of all Unencumbered Assets. Each of the Unencumbered Assets included by the Borrower in calculations of the Unencumbered Asset Value satisfies all of the requirements contained in this Agreement for the same to be included therein.

  • Unencumbered Leverage Ratio The Parent and the Borrower shall not permit the Unencumbered Leverage Ratio to exceed 60.0% at any time; provided, however, that (I) notwithstanding the foregoing if the Covenant Relief Period ends pursuant to clause (ii) of the definition thereof, during the Ratio Adjustment Period, the Unencumbered Leverage Ratio may exceed 60.0% but shall not exceed 65.0% at any time and (II) after the Ratio Adjustment Period, the Borrower shall have the option, exercisable two times, upon written notice from the Borrower to the Administrative Agent that the Borrower is exercising such option, to elect that the Unencumbered Leverage Ratio may exceed 60.0% for a period not to exceed two (2) full fiscal quarters, such period to commence on the date set forth in such notice (such period, the “Unencumbered Leverage Ratio Surge Period”), so long as (i) the Borrower has delivered a written notice to the Administrative Agent that the Borrower is exercising its option under this subsection (a), (ii) the Unencumbered Leverage Ratio does not exceed 65.0% at any time during the Unencumbered Leverage Ratio Surge Period, (iii) the Borrower completed a Material Acquisition which resulted in such ratio (after giving effect to such Material Acquisition) exceeding 60% at any time during the fiscal quarter in which such Material Acquisition took place, and (iv) an Unencumbered Leverage Surge Period was not in effect for the fiscal quarter immediately preceding the Borrower’s election. The Borrower shall have the option to exercise both an Unencumbered Leverage Ratio Surge Period and a Leverage Ratio Surge Period in the same notice.

  • Unencumbered Properties Each Property included in any calculation of Unencumbered Asset Value or Unencumbered NOI satisfied, at the time of such calculation, all of the requirements contained in the definition of “Unencumbered Property Criteria.”

  • 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 Secured Leverage Ratio The Borrower shall cause the Consolidated Secured Leverage Ratio, as of the end of any fiscal quarter, to be equal to or less than 30%.

  • First Lien Leverage Ratio On the last day of any Test Period on which the Revolving Facility Test Condition is then satisfied (it being understood and agreed that this Section 6.15 shall not apply until the last day of the first full Fiscal Quarter ending after the Closing Date), the Borrowers shall not permit the First Lien Leverage Ratio to be greater than 7.75:1.00.

  • Consolidated Senior Leverage Ratio Permit at any time the Consolidated Senior Leverage Ratio to exceed the ratio set forth opposite the applicable period below: Consolidated Period Senior Leverage Ratio ------ --------------------- March 30, 2003 2.30 : 1.00 March 31, 2003 - June 29, 2003 2.20 : 1.00 June 30, 2003 - December 28, 2003 2.00 : 1.00 December 29, 2003 and thereafter 1.75 : 1.00

  • Maintenance of Total Unencumbered Assets The Company and its Subsidiaries will maintain Total Unencumbered Assets of not less than 200% of the aggregate outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis.

  • Total Debt The Company will not at any time permit Consolidated Total Debt to exceed any of the following:

  • Maximum Consolidated Leverage Ratio As of the last day of each Fiscal Quarter of the Borrower (commencing with the Fiscal Quarter ending March 31, 2018), the Borrower shall not permit the Consolidated Leverage Ratio to be greater than 0.60 to 1.00.

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