Unencumbered Interest Coverage Ratio. The Borrower shall not permit the ratio of (i) Unencumbered NOI to (ii) Unsecured Debt Service for the Borrower’s fiscal quarter most recently ending, to be less than (x) for the fiscal quarter ending June 30, 2020 and any subsequent fiscal quarter ending during the Amendment Period (including, for the avoidance of doubt, financial covenant compliance for which the Amendment Period Termination Date is the applicable determination date), 1.50 to 1.00 at any time; provided, however, that if such ratio is less than 1.50 to 1.00 but is not less than 1.35 to 1.00, then the Borrower shall be deemed to be in compliance with this subsection (e)(x) so long as (A) the Borrower has not previously maintained compliance with this subsection (e)(x) in reliance on this proviso two times during the Amendment Period and (B) such ratio is not less than 1.35 to 1.00 at any time, or (y) for any other fiscal quarter, 1.75 to 1.00 at any time.
Appears in 4 contracts
Samples: Credit Agreement (Diversified Healthcare Trust), Term Loan Agreement (Diversified Healthcare Trust), Term Loan Agreement (Diversified Healthcare Trust)
