Common use of Indebtedness, Coverage and Net Worth Covenants Clause in Contracts

Indebtedness, Coverage and Net Worth Covenants. Permit or suffer: (a) as of any day, Consolidated Secured Debt less the outstanding principal balance under the REMIC Loan to exceed 15% of Total Value; (b) as of any day, Consolidated Total Indebtedness to exceed the lesser of (i) 45% of Total Value or (ii) 45% of Total Cost; (c) as of any day, the "tangible net worth" of the Consolidated Group, as determined and defined under GAAP, to be less than the sum of (i) eighty-five percent (85%) of the Consolidated Group's tangible net worth as of June 30, 1997 plus (ii) fifty percent (50%) of the aggregate proceeds received (net of customary related fees and expenses) in connection with any offering or sale after June 30, 1997 of equity interests in the Borrower or the Guarantors, whether common stock, preferred stock, limited partnership units or other forms of equity ownership; (d) as of the last day of any fiscal quarter, the ratio of (A) the sum of (i) Adjusted EBITDA of the Consolidated Group plus (ii) Ground Lease Expense to (B) Fixed Charges for such fiscal quarter to be less than 2.00 to 1; (e) as of the last day of any fiscal quarter, the ratio of Adjusted EBITDA of the Consolidated Group to Interest Expense for such fiscal quarter to be less than 2.5 to 1;

Indebtedness, Coverage and Net Worth Covenants. Permit or suffer: (a) as of any day, Consolidated Secured Debt less the outstanding principal balance under the REMIC Loan to exceed 15% of Total Value; (b) as of any day, Consolidated Total Indebtedness to exceed the lesser of (i) 45% of Total Value or (ii) 45% of Total Cost; (c) as of any day, the "tangible net worth" of the Consolidated Group, as determined and defined under GAAP, to be less than the sum of (i) eighty-five percent (85%) of the Consolidated Group's tangible net worth as of June 30, 1997 plus (ii) fifty percent (50%) of the aggregate proceeds received (net of customary related fees and expenses) in connection with any offering or sale after June 30, 1997 of equity interests in the Borrower or the Guarantors, whether common stock, preferred stock, limited partnership units or other forms of equity ownership; (d) as of the last day of any fiscal quarterday, the ratio of (A) the sum of (i) Adjusted EBITDA of the Consolidated Group plus (ii) Ground Lease Expense to (B) Fixed Charges for such fiscal quarter the immediately preceding twelve (12) consecutive month period to be less than 2.00 to 1; (e) as of the last day of any fiscal quarterday, the ratio of Adjusted EBITDA of the Consolidated Group to Interest Expense for such fiscal quarter the immediately preceding twelve (12) consecutive month period to be less than 2.5 to 1;

Indebtedness, Coverage and Net Worth Covenants. Permit or suffer: (a) as of any day, Consolidated Secured Debt less the outstanding principal balance under the REMIC Loan to exceed 15% of Total Value; (b) as of any day, Consolidated Total Indebtedness to exceed the lesser of (i) 45% of Total Value or (ii) 45% of Total Cost; (c) as of any day, the "tangible net worth" Tangible Net Worth of the Consolidated Group, as determined and defined under GAAP, to be less than the sum of (i) eighty-five eighty percent (8580%) of the Consolidated Group's tangible net worth Tangible Net Worth as of June 30, 1997 2000 plus (ii) fifty seventy-five percent (5075%) of the aggregate proceeds received (net of customary related fees and expenses) in connection with any offering or sale after June 30, 1997 2000 of equity interests in the Borrower or the Guarantors, whether common stock, preferred stock, limited partnership units or other forms of equity ownership; (db) as of the last day of any fiscal quarterday, the ratio of (A) the sum of (i) Adjusted EBITDA of for the Consolidated Group most recent twelve (12) full calendar months plus (ii) Ground Lease Expense for such period to (B) Fixed Charges for such fiscal quarter period to be less than 2.00 1.75 to 1; (ec) as of the last day of any fiscal quarterday, the ratio of Adjusted EBITDA of the Consolidated Group for the most recent twelve (12) full calendar months to Interest Expense for such fiscal quarter period to be less than 2.5 2.25 to 1;

Indebtedness, Coverage and Net Worth Covenants. Permit or suffer: (a) as of any day, Consolidated Secured Debt less the outstanding principal balance under the REMIC Loan to exceed 15% of Total Value; (b) as of any day, Consolidated Total Indebtedness to exceed the lesser of (i) 4550% of Total Value or (ii) 4550% of Total Cost; (c) as of any day, the "tangible net worth" of the Consolidated Group, as determined and defined under GAAP, to be less than the sum of (i) eighty-eighty- five percent (85%) of the Consolidated Group's tangible net worth as of June 30, 1997 plus (ii) fifty percent (50%) of the aggregate proceeds received (net of customary related fees and expenses) in connection with any offering or sale after June 30, 1997 of equity interests in the Borrower or the Guarantors, whether common stock, preferred stock, limited partnership units or other forms of equity ownership; (d) as of the last day of any fiscal quarterday, the ratio of (A) the sum of (i) Adjusted EBITDA of the Consolidated Group for the most recent twelve (12) full calendar months plus (ii) Ground Lease Expense for such period to (B) Fixed Charges for such fiscal quarter period to be less than 2.00 to 1; (e) as of the last day of any fiscal quarterday, the ratio of Adjusted EBITDA of the Consolidated Group for the most recent twelve (12) full calendar months to Interest Expense for such fiscal quarter period to be less than 2.5 to 1;.