Unencumbered Leverage Ratio definition

Unencumbered Leverage Ratio means, as of any date of determination, the quotient (expressed as a percentage) of (a) Unsecured Indebtedness, divided by (b) Unencumbered Asset Value.

Unencumbered Leverage Ratio means, as of any date, the then-current Unsecured Indebtedness of the Consolidated Group (but excluding from such Unsecured Indebtedness any Guarantee Obligations) divided by the then-current Unencumbered Pool Value.

Unencumbered Leverage Ratio is defined in Section 9.7(c).

Examples of Unencumbered Leverage Ratio in a sentence

• In the event such Officer’s Certificate is delivered evidencing that neither the Consolidated Leverage Ratio nor the Unencumbered Leverage Ratio is more than sixty percent (60%), the Incremental Interest shall cease to accrue on the last day of the fiscal quarter in respect of which such Officer’s Certificate is delivered.

• Furthermore, any Incremental Interest due as a result of a Consolidated Leverage Ratio Holiday is not cumulative with any Incremental Interest due as a result of an Unencumbered Leverage Ratio Holiday and vice versa; therefore, the maximum Incremental Interest due hereunder is 0.25% per annum.

• Notwithstanding the foregoing, in the event that the Borrower and/or one or more of its subsidiaries make a Material Acquisition during the fiscal quarter then most recently ended, such Maximum Unencumbered Leverage Ratio shall be increased to 0.65 to 1.00 for such fiscal quarter and for each of the four (4) subsequent consecutive fiscal quarters; provided, however, Maximum Unencumbered Leverage Ratio shall not be increased pursuant to this sentence more than three (3) times prior to the Maturity Date.

• As at the end of any fiscal quarter, the ratio of Total Unsecured Indebtedness to Unencumbered Asset Value (the “Unencumbered Leverage Ratio”) to exceed 60%; provided, that the Company may elect that such ratio be permitted to exceed 60% as of the last day of the four (4) consecutive fiscal quarters immediately following a Material Acquisition, but in no event shall the Unencumbered Leverage Ratio exceed 65% as of the last day of any fiscal quarter.

• Permit the Unencumbered Leverage Ratio as of the last day of any fiscal quarter of the Parent REIT to exceed 60%; provided that, the Borrower may on two non-consecutive occasions elect a one-time step up to 65% for four consecutive fiscal quarters following a Material Acquisition.

More Definitions of Unencumbered Leverage Ratio

Unencumbered Leverage Ratio means the ratio, expressed as a percentage, of Total Unsecured Indebtedness to Unencumbered Asset Value.

Unencumbered Leverage Ratio means, as of any date of determination, the quotient (expressed as a percentage) of (a) Unsecured Indebtedness of the Parent and its Subsidiaries, divided by (b) Unencumbered Asset Value.

Unencumbered Leverage Ratio means, as of any date of determination, the ratio, expressed as a percentage, of (a) Unsecured Debt (including the Facility) to (b) Unencumbered Asset Value, in each case, as at the end of the most recently ended quarter of the Parent Guarantor for which financial statements are required to be delivered to the Lender Parties pursuant to Section 5.03(b) or (c), as the case may be.

Unencumbered Leverage Ratio means, as of a given date, the ratio, expressed as a percentage, of (i) (x) Unsecured Indebtedness of the Parent Guarantor and its Subsidiaries (other than the Excluded FelCor Subsidiaries) on a consolidated basis minus (y) Unrestricted Cash and Cash Equivalents of the Parent Guarantor and its Subsidiaries (other than the Excluded FelCor Subsidiaries) in excess of $25,000,000, to (ii) Unencumbered Asset Value.

Unencumbered Leverage Ratio has the meaning given that term in Section 10.1.(d).

Unencumbered Leverage Ratio means, as of any date of determination the ratio of (i) the sum of (a) that portion of Total Indebtedness which is not secured in any manner by any Lien (but excluding Indebtedness of Unconsolidated Affiliates) plus (b) the Obligations owing hereunder to (ii) Unencumbered Asset Value of the Company and the Guarantors.

Unencumbered Leverage Ratio means the ratio of Unsecured Indebtedness to Unencumbered Asset Value, in each case, of the REIT and its Subsidiaries.