Rent Coverage Ratio definition
Rent Coverage Ratio means, as of any date of determination, with respect to all Unencumbered Properties for which Ensign is the Eligible Tenant under the Unencumbered Property Lease relating thereto, the ratio of (i) the sum of Tenant EBITDAR of Ensign with respect to such Unencumbered Property, as Eligible Tenant under each such Unencumbered Property Lease with respect to such Unencumbered Property for the most recently completed four fiscal quarter period, as determined from the financial statements of such Tenant delivered, or required to be delivered to the Administrative Agent, pursuant to Section 5.1(g) to (ii) the sum of the annual rent payable by Ensign, as Eligible Tenant under each such Unencumbered Property Lease, for the same period, as such rent is set forth in the most recent rent schedule delivered to the Administrative Agent pursuant to Section 5.1(d).
Rent Coverage Ratio means the ratio of (x) tenant-reported or, when unavailable, management’s estimate (based on tenant-reported financial information) of annual earnings before interest, taxes, depreciation, amortization and cash rent attributable to the leased property (or properties, in the case of a master lease) to (y) the annualized base rental obligation as of a specified date;
Rent Coverage Ratio means, as of the date of determination, the ratio of (A) the Portfolio EBITDARM for the immediately preceding 6 calendar months, minus (I) an assumed management fee equal to five percent (5%) of the gross revenues generated during such six month period, and (II) one-twelfth (1/12) of the CapEx Amount multiplied by the aggregate rentable square footage of the Facilities on the calculation date and further multiplied by the number of months in the period of determination, to (B) the total amount of the Minimum Rent and Additional Rent due for such six month period pursuant to the terms of this Master Lease. As used herein, “Portfolio EBITDARM” means, for any period of determination, the aggregate net income (or loss) of Tenant for such period to the extent derived from the collective operation of the Premises, adjusted to add thereto, to the extent allocable to the Premises, without duplication, any amounts deducted in determining such net income (or loss) for (a) interest expense, (b) income tax expense, (c) depreciation and amortization expense, (d) rental expense, and (e) management fee expense, in each case determined in conformity with generally accepted accounting principles, consistently applied. With respect to any Replacement Premises that has been operating for less than twelve (12) months as of the Option Exercise Date, Portfolio EBITDARM shall be calculated using a commercially reasonable estimate of the net income (or loss) of Tenant for such Replacement Premises during the first year of operations. Such commercially reasonable estimate of net income (or loss) shall be based on documentation that is reasonably satisfactory to Landlord and shall be calculated utilizing accounting and forecasting principles consistently applied and reasonably satisfactory to Landlord. Notwithstanding anything herein which may be interpreted to the contrary, Tenant shall be responsible for all costs and expenses incurred by Landlord or Tenant in connection with the transfer of the Option Premises to Tenant and the transfer of the Replacement Premises to Landlord, including, without limitation, all reasonable costs and expenses incurred by Landlord in connection with its due diligence investigation of the Replacement Premises (including reasonable attorneys’ fees), documentary transfer taxes, any title insurance premiums pursuant to Section 24.2(d) below and any and all recording and escrow fees.
Examples of Rent Coverage Ratio in a sentence
Provided that no Event of Default then exists and is continuing, following the date on which Landlord determines that the Portfolio Coverage Ratio for two (2) consecutive Testing Dates is greater than or equal to the Minimum Rent Coverage Ratio, Landlord will cause the Additional Deposit to be returned to Tenant.
Permit the Consolidated Interest and Rent Coverage Ratio as of the end of any fiscal quarter of the Company to be less than 2.00 to 1.00.
The Lessee shall comply with the provisions of the Agreement Regarding Related Lease Transactions pertaining to Rent Coverage Ratio.
The Credit Parties shall cause the Rent Coverage Ratio, as of the end of each fiscal quarter, to be equal to or greater than 1.30 to 1.00.
Tenant shall budget for and maintain a Base Rent Coverage Ratio as required in Exhibit C.
More Definitions of Rent Coverage Ratio
Rent Coverage Ratio. The ratio of (i) Cash Flow for each applicable period to (ii) the total of all Rent paid or payable during such period or accrued for such period.
Rent Coverage Ratio means, as of any date of determination, with respect to the Borrowing Base Assets, the ratio of (a) the sum of Tenant EBITDAR of each Eligible Tenant under each Facility Lease for the last four (4) fiscal quarters to (b) the sum of the annual rent payable by each Eligible Tenant under each such Facility Lease, for the same period.
Rent Coverage Ratio. The ratio of (I) Cash Flow for each applicable period to (II) the total of all Rent paid or payable during such period or accrued for such period.
Rent Coverage Ratio means, as of the date of determination, the ratio of (i) the EBITDARM for the immediately preceding two calendar quarters, minus (A) an assumed management fee equal to five percent (5%) of the gross revenues generated during such two calendar quarters, and (B) the sum of One Hundred Twenty-Five Dollars ($125), multiplied by the aggregate number of licensed dementia care beds and assisted living units in the Facility and the Related Facilities, to (ii) the total amount of the Minimum Rent and Additional Rent due for the immediately preceding two calendar quarters pursuant to the terms of this Lease and the Related Leases. As used herein, “EBITDARM” means, for any period of determination, the net income (or loss) of Tenant for such period to the extent derived from the operation of the Facility and the Related Facilities, adjusted to add thereto, to the extent allocable to the Facility and the Related Facilities, without duplication, any amounts deducted in determining such net income (or loss) for (v) interest expense, (w) income tax expense, (x) depreciation and amortization expense, (y) rental expense, and (z) management fee expense, in each case determined in conformity with generally accepted accounting principles, consistently applied.
Rent Coverage Ratio means, as of any date of determination with respect any Real Estate Asset to be included as an Unencumbered Pool Property, for the applicable Calculation Period, the ratio, as calculated by Borrower and approved by Administrative Agent in its sole but reasonable discretion, of (a) the aggregate sum of Adjusted NOI for such Real Estate Asset to (b) the actual rental payments received by the Borrower or applicable Unencumbered Property Owner which owns such Real Estate Asset in fee simple (or leases such Real Estate Asset under an Eligible Ground Lease) with respect to all applicable Tenant Leases during such applicable Calculation Period.
Rent Coverage Ratio means, as of the end of any fiscal quarter of Tenant, Pool 1 Tenant and “Tenant” (as defined under the Heritage Club Lease), the ratio of (A) “Portfolio EBITDAR-X” to (B) “Portfolio Rent Expense” with use of the following defined terms:
Rent Coverage Ratio. A ratio for the applicable trailing twelve (12) month period in which (a) the numerator is the Net Cash Flow (excluding interest on credit accounts) for such period as set forth in the financial statements required hereunder and (b) the denominator is the Rent due and payable for such period.