Unencumbered EBITDA definition

Unencumbered EBITDA means, as of any Calculation Date, EBITDA of the Borrower for the most recently-ended Annual Period that is directly attributable to Unencumbered Assets.

Unencumbered EBITDA means, as of any Calculation Date, Adjusted EBITDA directly attributable to Unencumbered Assets for the Calculation Period applicable thereto.

Unencumbered EBITDA means, for a given period the sum of (a) the aggregate Adjusted EBITDA attributable to the Unencumbered Assets and Unencumbered Mortgage Notes and (b) cash dividends received by the Borrower or any of its Subsidiaries from RMR Inc. during such period; provided that for purposes of this definition, revenues of an applicable Person during any applicable period constituting payments or accruals for payments of amounts more than 60 days past due and any related reserves shall be excluded in the calculation of such Person’s EBITDA for such period.

Examples of Unencumbered EBITDA in a sentence

• Borrower shall not permit the ratio of Unencumbered EBITDA for the twelve-month period ending as of the most-recent Calculation Date to that portion of interest expense attributable to Total Unsecured Indebtedness as of such Calculation Date to be less than 1.50:1.00.

• Borrower shall maintain the ratio of (i) Unencumbered EBITDA for the twelve (12) month period ending on the Calculation Date to (ii) that portion of interest expense attributable to Total Outstanding Unsecured Indebtedness for the twelve (12) month period ending on the Calculation Date, equal to or in excess of 2.25: 1.0.

• Borrower shall not permit, as of any date of calculation, the ratio of Unencumbered EBITDA for the twelve-month period ending as of the most-recent Calculation Date to that portion of interest expense attributable to Total Unsecured Indebtedness as of such Calculation Date to be less than 1.50:1.00.

• Borrower shall maintain the ratio of Unencumbered EBITDA for the twelve-month period ending on the Calculation Date to that portion of interest expense attributable to Total Outstanding Unsecured Indebtedness for the twelve (12) month period ending on such Calculation Date, equal to or in excess of 1.50:1.0. ( g ) Dividends and Distributions.

• Borrower shall not permit the ratio of Unencumbered EBITDA for the Calculation Period applicable to the most- recent Calculation Date to that portion of interest expense attributable to Total Unsecured Indebtedness outstanding during the Calculation Period applicable to such Calculation Date to be less than 1.50:1.00.

More Definitions of Unencumbered EBITDA

Unencumbered EBITDA means, for any period, with respect to Holdings and its Subsidiaries on a consolidated basis, without duplication, EBITDA derived from (i) Unencumbered Investment Properties, (ii) Unencumbered Leased Agricultural Land, (iii) EBITDA generated from the agricultural division of Holdings and its Subsidiaries but only to the extent the assets in the agricultural division are Unencumbered Agricultural Division Assets and (iv) EBITDA calculated solely with respect to Grace Holdings and its Subsidiaries, provided that the amount of EBITDA under this clause (iv) shall be excluded from the calculation of Unencumbered EBITDA if, at any time during such period of determination, any Debt of Grace Holdings or its Subsidiaries is secured by a consensual Lien except that only EBITDA of GLP Asphalt LLC shall be excluded from the calculation of Unencumbered EBITDA if the only Debt of Grace Holdings or its Subsidiaries which is secured by a consensual Lien consists of (1) the bank facility from First Hawaiian Bank in favor of GLP Asphalt LLC in an aggregate commitment or outstanding principal amount not to exceed $40,000,000 (and only until August 31, 2014), or any extensions, refinancings, replacements, amendments or amendments and restatements of such bank facility in an aggregate commitment or outstanding principal amount not to exceed $30,000,000, and/or (2) the term loan from Bank of Hawaii in favor of GLP Asphalt LLC in an aggregate outstanding principal amount not to exceed the original aggregate principal amount of $14,000,000, as reduced from time to time in accordance with its originally scheduled principal amortization (and only until its final maturity date of March 1, 2021). Notwithstanding anything to the contrary in the foregoing portions of this definition, the calculation described in clause (iv) of this definition shall include EBITDA (calculated solely with respect to Grace (or Grace Pacific Corporation, as applicable, for periods prior to the limited liability company conversion of Grace Pacific Corporation) and its Subsidiaries) to the extent the applicable calculation described in clause (iv) of this definition includes periods prior to the consummation of the acquisition by Holdings and its Subsidiaries of Grace and its Subsidiaries.

Unencumbered EBITDA means the aggregate amount of Combined Property EBITDA attributable to the Eligible Unencumbered Assets.

Unencumbered EBITDA means, as of any Calculation Date, EBITDA directly attributable to Unencumbered Assets for the most recently-ended Annual Period.

Unencumbered EBITDA means, for any period of determination, with respect to Holdings and its Subsidiaries on a consolidated basis, without duplication, (i) Adjusted EBITDA derived from Unencumbered Investment Properties and Unencumbered Leased Agricultural Land, and (ii) Adjusted EBITDA generated from the agricultural division of Holdings and its Subsidiaries but only to the extent the assets in the agricultural division are Unencumbered Agricultural Division Assets.

Unencumbered EBITDA means, for any period, with respect to Holdings and its Subsidiaries on a consolidated basis, Adjusted EBITDA derived from (a) Unencumbered Investment Properties, (b) Unencumbered Leased Agricultural Land, (c) Adjusted EBITDA generated from development real properties and agricultural land but only to the extent such assets are Unencumbered Agricultural Division Assets, (d) Adjusted EBITDA calculated solely with respect to A&B II, LLC and its Subsidiaries so long as no Debt of A&B II, LLC or its Subsidiaries is or was secured by a consensual Lien during such period, and (e) other Adjusted EBITDA generated from any other unencumbered assets of Holdings and its Subsidiaries.

Unencumbered EBITDA means, as of any Calculation Date, EBITDA directly attributable to Unencumbered Assets for the most recently-ended Annual Period. “United States” and “U.S.” mean the United States of America.

Unencumbered EBITDA means EBITDA generated from the Unencumbered Assets.