Common use of FCCR Coverage Clause in Contracts

FCCR Coverage. (i) At all times the aggregate Weighted Average Aggregate FCCR of the Unencumbered Pool Properties for the most recently ended four (4) calendar quarters (subject to §8.1(e)(iii)) shall be greater than 1.50 to 1.00. (ii) For purposes of the calculation of Unit-Level FCCR and Master Lease FCCR only, when calculating Unit-Level FCCR and Master Lease FCCR for any Tenant that has not leased an Unencumbered Pool Property for four (4) full calendar quarters, the operating results and rent expense of such Tenant attributable to such Unencumbered Pool Property shall be calculated on an annualized basis using the sum of (i) the actual historical operating results and rent expense for the period that such Unencumbered Pool Property was leased by such Tenant and (ii) the projected operating results and rent expense based on contract rent for such Tenant and the expected future operating results at such Unencumbered Pool Property determined by Borrower, and as approved by the Agent, for the future period necessary to achieve four (4) calendar quarters of results. (iii) Notwithstanding the four (4) quarter test period specified in §8.1(e)(i), in the event that the Tenant has leased an Unencumbered Pool Property for four (4) full calendar quarters, such covenants shall be calculated for the most recently ended four (4) calendar quarter period to the extent financial information for such Tenant for such period is available. If such information is not available, such covenant shall be calculated based on if operating results are not available for four (4) full calendar quarters, the most recent financial information available for a period of not less than eight (8) months nor more than twelve (12) months. (iv) Any Tenants whose Leases as of the date of the making of the applicable Intercompany Loan, Hybrid Lease or Qualifying Note Receivable (or with respect to an Unencumbered Pool Property that is not subject to an Intercompany Loan, Hybrid Lease or Qualifying Note Receivable, the date of acquisition of the applicable Real Estate), do not require such Tenant to report information adequate to permit the calculation of the covenant pursuant to this §8.1(e) shall be excluded from such calculation, provided that Borrower shall, and shall cause its Subsidiaries to use commercially reasonable efforts to require all Tenants to provide such information pursuant to the applicable Lease.