Common use of Unencumbered Leverage Ratio Clause in Contracts

Unencumbered Leverage Ratio. (i) For any fiscal quarter ending before June 30, 2020 and any fiscal quarter ending after the Amendment Period, the Borrower shall not permit the ratio of (x) Unsecured Indebtedness of the Borrower and its Subsidiaries to (y) Unencumbered Asset Value, to be greater than 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 (d)(i) so long as (A) the Borrower completed a Material Acquisition during the fiscal quarter, or the fiscal quarter immediately preceding the fiscal quarter, in which such ratio first exceeded 0.60 to 1.00, (B) such ratio does not exceed 0.60 to 1.00 for a period of more than three consecutive fiscal quarters immediately following the fiscal quarter in which such Material Acquisition was completed, (C) the Borrower has not maintained compliance with this subsection (d)(i) in reliance on this proviso more than two times during the term of this Agreement and (D) such ratio is not greater than 0.65 to 1.00 at any time, and (ii) 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), the Borrower shall not permit the ratio of (x) Unsecured Indebtedness of the Borrower and its Subsidiaries to (y) Unencumbered Asset Value, to be greater than 0.70 to 1.00 at any time; provided, however, that if such ratio is greater than 0.70 to 1.00 but is not greater than 0.75 to 1.00, then the Borrower shall be deemed to be in compliance with this subsection (d)(ii) so long as (A) the Borrower has not previously maintained compliance with this subsection (d)(ii) in reliance on this proviso two times during the Amendment Period and (B) such ratio is not greater than 0.75 to 1.00 at any time.

Unencumbered Leverage Ratio. (iThe(i) For any fiscal quarter ending before June 30, 2020 and any fiscal quarter ending after the Amendment Period, the Borrower shall not permit the ratio of (xix) Unsecured Indebtedness of the Borrower and its Subsidiaries to (yiiy) Unencumbered Asset Value, to be greater than 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 (d)(iad)(i) so long as (AiA) the Borrower completed a Material Acquisition during the fiscal quarter, or the fiscal quarter immediately preceding the fiscal quarter, in which such ratio first exceeded 0.60 to 1.00, (BiiB) such ratio does not exceed 0.60 to 1.00 for a period of more than three consecutive fiscal quarters immediately following the fiscal quarter in which such Material Acquisition was completed, (CiiiC) the Borrower has not maintained compliance with this subsection (d)(iad)(i) in reliance on this proviso more than two times during the term of this Agreement and (DivD) such ratio is not greater than 0.65 to 1.00 at any time., and (ii) 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), the Borrower shall not permit the ratio of (x) Unsecured Indebtedness of the Borrower and its Subsidiaries to (y) Unencumbered Asset Value, to be greater than 0.70 to 1.00 at any time; provided, however, that if such ratio is greater than 0.70 to 1.00 but is not greater than 0.75 to 1.00, then the Borrower shall be deemed to be in compliance with this subsection (d)(ii) so long as (A) the Borrower has not previously maintained compliance with this subsection (d)(ii) in reliance on this proviso two times during the Amendment Period and (B) such ratio is not greater than 0.75 to 1.00 at any time.

Unencumbered Leverage Ratio. (i) For any fiscal quarter ending before June 30, 2020 and any fiscal quarter ending after the Amendment Period, the The Borrower shall not permit the ratio of (xi) Unsecured Indebtedness of the Borrower and its Subsidiaries to (yii) Unencumbered Asset Value, to be greater than 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 (d)(id) so long as (Ai) the Borrower completed a Material Acquisition during the fiscal quarter, or the fiscal quarter immediately preceding the fiscal quarter, in which such ratio first exceeded 0.60 to 1.00, (Bii) such ratio does not exceed 0.60 to 1.00 for a period of more than three consecutive fiscal quarters immediately following the fiscal quarter in which such Material Acquisition was completed, (Ciii) the Borrower has not maintained compliance with this subsection (d)(id) in reliance on this proviso more than two times during the term of this Agreement and (Div) such ratio is not greater than 0.65 to 1.00 at any time, . During the period from and (ii) for after the fiscal quarter ending June 30, 2020 and any subsequent fiscal quarter ending during effectiveness of the Amendment Period (includingILPT Credit Facility until the ILPT Offering, for the avoidance purposes of doubtcalculating such ratio, financial covenant compliance for which the Amendment Period Termination Date is the applicable determination date), the Borrower shall not permit the ratio of (xA) Unsecured Indebtedness shall be adjusted by deducting therefrom an amount equal to the lesser of (1) the unrestricted cash proceeds held by the Borrower as of the Borrower and its Subsidiaries to (y) Unencumbered Asset Value, to be greater than 0.70 to 1.00 at any time; provided, however, that if such ratio is greater than 0.70 to 1.00 but is not greater than 0.75 to 1.00, then date of measurement which proceeds were received the Borrower shall be deemed to be from ILPT in compliance with this subsection payment of the “SIR Note” as defined in the ILPT Registration Statement (d)(iiand which proceeds were received by ILPT under the ILPT Credit Facility) so long as and (A2) the Borrower has not previously maintained compliance with this subsection (d)(ii) in reliance on this proviso two times during the Amendment Period amount of Unsecured Indebtedness that by its terms is scheduled to mature within 24 months, and (B) such ratio Unencumbered Asset Value shall be adjusted by deducting therefrom the amount by which Unsecured Indebtedness is not greater than 0.75 to 1.00 at any timeadjusted under the preceding clause (A).