Lease Payments Coverage Ratio Sample Clauses

Lease Payments Coverage Ratio. The Tenant covenants and agrees to calculate annually its Lease Payments Coverage Ratio (as defined below) for each Fiscal Year commencing with the Fiscal Year ending June 30, 2015 based on its audited financial statements for such Fiscal Year, and to provide a copy of such calculation for such period to the Landlord and Master Trustee annually. Tenant also covenants to maintain its Gross School Revenues (defined below) so that its Lease Payments Coverage Ratio at the end of each Fiscal Year (commencing with the Fiscal Year ending June 30, 2015) is not less than 1.20 to 1.00; provided that, except as provided below, the Tenant’s failure to achieve the required Lease Payments Coverage Ratio will not constitute an Event of Default hereunder if the Tenant promptly engages an Independent Consultant to prepare a report, to be delivered to the Tenant, the Landlord and Trustee within forty-five (45) days of engagement, with recommendations for meeting the required Lease Payments Coverage Ratio or, if in the opinion of the Independent Consultant the attainment of such level is impracticable, to the highest level attainable in such Fiscal Year, and the Tenant agrees that it will consider the recommendations of the Independent Consultant. The Tenant shall not be obligated to retain such an Independent Consultant more often than once during any twenty-four (24) month period. Notwithstanding the foregoing, the Tenant’s failure to achieve a Lease Payments Coverage Ratio of 1.00 to 1.00 will constitute an Event of Default hereunder.
Sample 1
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Related to Lease Payments Coverage Ratio

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